Associate Lei Qiao recently had a paper published in the Journal of Economic Theory, a tier-one journal in SUFE list. The paper, titled “Modeling large societies: Why countable additivity is necessary”, was coauthored with Dr. M. Ali Khan, Dr. Kali P. Rath and Dr. Yeneng Sun.
Abstract
The economic literature with an atomless countably additive measure space to model the interaction of agents in a large society is enormous. However, there have been a number of attempts to relax the countable additivity assumption by working with a finitely (but non-countably) additive measure space (such as the set of natural numbers with a density charge). The main purpose of this paper is to demonstrate the necessity of countable additivity in modeling a large society in terms of the existence of equilibrium and its idealized limit property in both general equilibrium and game theory as illustrations. In addition, we point out that in the setting of atomless finitely additive agent spaces, even approximate equilibria may not exist in general, but do so only with additional assumptions.
Associate Professor Lei Qiao joined the SOE as a tenure-track faculty member in 2016. He holds a PhD in economics from National University of Singapore and his primary area of research is mathematical economics and game theory. He has been awarded a grant by the National Natural Science Foundation of China.
Recently, another paper he co-authored with Dr. Peter J. Hammond and Dr. Yeneng Sun, titled “Monte Carlo sampling processes and incentive compatible allocations in large economies”, was accepted for publication in the Economic Theory, a tier-two journal in SUFE list.
