英文标题：
《Out-of-Equilibrium Dynamics and Excess Volatility in Firm Networks》
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作者：
Th\\\'eo Dessertaine, Jos\\\'e Moran, Michael Benzaquen, Jean-Philippe
  Bouchaud
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最新提交年份：
2021
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英文摘要：
  We study the conditions under which input-output networks can dynamically attain a competitive equilibrium, where markets clear and profits are zero. We endow a classical firm network model with minimal dynamical rules that reduce supply/demand imbalances and excess profits. We show that the time needed to reach equilibrium diverges to infinity as the system approaches an instability point beyond which the Hawkins-Simons condition is violated and competitive equilibrium is no longer admissible. We argue that such slow dynamics is a source of excess volatility, through accumulation and amplification of exogenous shocks. Factoring in essential physical constraints absent in our minimal model, such as causality or inventory management, we then propose a dynamically consistent model that displays a rich variety of phenomena. Competitive equilibrium can only be reached after some time and within some restricted region of parameter space, outside of which one observes spontaneous periodic and chaotic dynamics, reminiscent of real business cycles. This suggests an alternative explanation of excess volatility in terms of purely endogenous fluctuations. Diminishing return to scale and increased perishability of goods are found to ease convergence towards equilibrium.
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中文摘要：
我们研究了投入产出网络在市场清晰、利润为零的情况下动态达到竞争均衡的条件。我们赋予一个经典的企业网络模型最小的动态规则，以减少供需失衡和超额利润。我们证明了当系统接近一个不稳定点时，达到平衡所需的时间会发散到无穷远，超过这个不稳定点，霍金斯-西蒙斯条件就被违反，竞争平衡不再是可容许的。我们认为，这种缓慢的动态是过度波动的来源，通过积累和放大外部冲击。考虑到我们的最小模型中缺少的基本物理约束，例如因果关系或库存管理，我们提出了一个动态一致的模型，该模型显示了丰富的各种现象。竞争均衡只能在一段时间后，在参数空间的某个限制区域内达到，在参数空间之外，人们观察到自发的周期和混沌动力学，让人想起真实的商业周期。这表明，可以用纯粹的内生波动来解释过度波动。研究发现，规模报酬率的降低和商品易腐性的增加有助于趋同达到均衡。
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Physics        物理学
二级分类：Statistical Mechanics        统计力学
分类描述：Phase transitions, thermodynamics, field theory, non-equilibrium phenomena, renormalization group and scaling, integrable models, turbulence
相变，热力学，场论，非平衡现象，重整化群和标度，可积模型，湍流
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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