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Workshop on the Probabilistic Impulse Behind Modern Economic Theory
(11 - 18 January 2011)

Organizing Committee · Visitors and Participants · Overview · Activities · Venue

 

 Organizing Committee

 

Chair

 

Co-chair

 

 Visitors and Participants

 

 

 Overview

 

The two subjects of probability and economic theory have been increasingly intertwined since at least the mid-nineteenth century, and there have been three noteworthy developments in the modern period dating from the 1960's: first, a view of "perfect competition" as being based on a continuum of economically negligible traders formalized as an atomless measure-space; second, individual strategic interaction in "large societies" conceived as being dependent on societal summary statistics, an average or a distribution, rather than on each and everyone's actions; and third, intertemporal resource allocation as dependent on expectations and beliefs, and thereby, on individual learning and updating, leading to the persistence or elimination of disagreement over time. The development of the subject can be seen to revolve around
the rigorous formalization of fundamental intuitions: aggregation removes idiosyncratic uncertainty; arbitrage leads only systematic risk to be priced-out in the market; dispersed and diffused information eliminates the need for randomization; irrational exuberance can be a temporary-equilibrium phenomenon; the persistence of disagreement underscores the need to agree to disagree; and finally, independently-diffused information rationalizes ex ante decisions as ex post equilibria with the incentive-compatibility of ex ante efficiency.

The point of departure for this workshop is that these formalizations hinge crucially on the probabilistic notion of independence, and require the development of new mathematics to cope with diffculties in implementing this notion in the context of an exact law of large numbers. Initially developed on the back of what have come to be called atomless Loeb probability spaces, the theory has now received consolidation in the so-called saturation property, and through the consideration of saturated probability spaces, connected to Dorothy Maharam's work on measure-algebras. These ideas are now seeing systematic application to basic questions in (i) general equilibrium theory, (ii) cooperative and non-cooperative game theory, (iii) economic dynamics and the theory of descriptive and optimum growth, (iv) matching theory and evolutionary economics and (v) decision theory. All use the vocabulary and vernacular of probability to formalize and investigate their subject matter.


The objective of this conference is then two-fold: first to review the exciting advances that have been made, and second, to expose the developed, and developing, theory to differing expert perspectives and points of view. With individuals necessarily working in their individual narrow domains, the main mission of the workshop is to foster interdisciplinary communication and dialogue between economists and mathematicians, and by participating in this exciting venture, local scholars will have ample opportunities of interacting with international experts at the highest level.



 Activities



Wednesday, 12 Jan 2011

09:00am - 09:25am

Registration

09:25am - 09:30am

Opening Remarks

 

Chair: Barkley Rosser, James Madison University, USA

09:30am - 10:15am

Stochastic evolutionary game theory: overview and recent results

William H. Sandholm, University of Wisconsin, Madison, USA

10:15am - 10:45am

--- Coffee Break ---

10:45am - 11:30am

Equity and incentives in large asymmetric information economies

Stuart McDonald, University of Queensland, Australia

11:30am - 12:15pm

Existence of equilibrium in an incomplete market model with endogenous labor supply

Shenghao Zhu, National University of Singapore

12:15pm - 02:15pm

--- Lunch ---

 

Chair: William H. Sandholm, University of Wisconsin, Madison, USA

02:15pm - 03:00pm

Asset market games of survival: a synthesis of evolutionary and dynamic games

Igor Evstigneev, University of Manchester, UK

03:00pm - 03:45pm

Equilibrium strategies independent of volatility and the size of rivals

Zhixiang Zhang, Central University of Finance and Economics, Beijing, China

03:45pm - 04:15pm

--- Coffee Break ---

04:15pm - 05:00pm

The probabilistic underpinnings of perfect competition

M. Ali Khan, The Johns Hopkins University, USA

Thursday, 13 Jan 2011

09:15am - 09:30am

Registration

 

Chair: Igor Evstigneev, University of Manchester, UK

09:30am - 10:15am

Equilibrium for discontinuous games and optimal regulation in electricity markets

Alejandro Jofré, University of Chile, Chile

10:15am - 10:45am

--- Coffee Break ---

10:45am - 11:30am

Belief operators in infinite models

Xiao Luo, National University of Singapore

11:30am - 12:15pm

Risk and utility in financial optimization and equilibrium

Terry Rockafellar, University of Washington, USA

12:15pm - 02:15pm

--- Lunch ---

 

Chair: Stuart McDonald, University of Queensland, Australia

02:15pm - 03:00pm

Behaving probabilistically: Axiomatics, genetics and economics

Soo Hong Chew, National University of Singapore

Friday, 14 Jan 2011

09:15am - 09:30am

Registration

 

Chair: Alejandro Jofré, University of Chile, Chile

09:30am - 10:15am

On the foundations of mathematical economics

Barkley Rosser, James Madison University, USA

10:15am - 10:45am

--- Coffee Break ---

10:45am - 11:30am

Finite and countable partitions of unity for finitely additive measures

Kali Rath, University of Notre Dame, USA

11:30am - 12:15pm

Large anonymous games with social traits

Haomiao Yu, Ryerson University, Canada

12:15pm - 02:15pm

--- Lunch ---

 

Chair: Kali Rath, University of Notre Dame, USA

02:15pm - 03:00pm

Impact of incomplete information

Muhamet Yildiz, Massachusetts Institute of Technology, USA

03:00pm - 03:45pm

A structure theorem for rationalizability in the normal form of dynamic games

Yi-Chun Chen, National University of Singapore

03:45pm - 04:15pm

--- Coffee Break ---

04:15pm - 05:00pm

Large Bayesian games

Yeneng Sun, National University of Singapore

Monday, 17 Jan 2011

09:15am - 09:30am

Registration

09:30am - 10:00am

Saturation and games with private information

Yongchao Zhang, National University of Singapore

10:00am - 10:30am

Independent random partial matching with infinite types

Xiang Sun, National University of Singapore

10:30am - 11:00am

--- Coffee Break ---

11:00am - 11:30am

Recursive multiple temptations

Bin Miao, National University of Singapore

11:30am - 12:00nn

A productive asset's rational bubble in a small open economy: A double-bladed role of a credit constraint

Athakrit Thepmongkol, National University of Singapore



Students and researchers who are interested in attending these activities and who do not require financial aid are requested to complete the online registration form.

The following do not need to register:

  • Those invited to participate.
  • Those applying for financial support.


 Venue

 

 

Organizing Committee · Visitors and Participants · Overview · Activities · Venue

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