A Statistical Equilibrium Theory of Markets
提出市场的统计均衡理论，将有限交易集合上的代理分布视为可实现方式最多的可行分布，并证明其唯一解为吉布斯正则分布，交易数量与成本指数成反比，该均衡近似但未达到帕累托效率，需修正福利定理。
A market consists of agents defined by finite offer sets of acceptable transactions. When there are many agents with each offer set, statistical equilibrium is the feasible distribution of agents over offer sets that can be realized in the largest number of ways. A unique statistical equilibrium exists if there is a feasible market transaction and generically is a Gibbsian canonical distribution: the number of agents achieving each transaction is inversely proportional to the exponential of its cost at equilibrium entropy prices. Statistical equilibrium approximates, but does not achieve, Pareto-efficiency, requiring modification of the First and Second Welfare Theorems. Journal of Economic Literature Classification Numbers: C62, D50, E10.