On the Equilibrium Properties of Network Models with Heterogeneous Agents

We thank Truman Bewley, Vasco Carvalho, Xiaohong Chen, Yi Chen, Arnaud Costinot, Dave Donaldson, John Geanakoplos, Johannes Horner, Steve Redding, Andres Rodriguez-Clare, Larry Samuelson, Alireza Tahbaz-Salehi, Xinyang Wang, Ivan Werning, and Asher Wolinksy for helpful comments and suggestions. Ari Boyarsky, Joonhyuk Lee, Saptarshi Majumdar, and Fan Wu offered excellent research assistance. This paper has been previously circulated under the titles “On the Existence and Uniqueness of Trade Equilibria” and “On the Equilibrium Properties of Network Models with Heterogeneous Agents.” The authors acknowledge support by the National Science Foundation under grants SES-1658838 and SES-1658875; Xiangliang Li acknowledges support by the Fundamental Research Funds for the Central Universities under grant 63222067. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• September 16, 2020
• December 9, 2021
• July 12, 2022