Invariant Distributions and the Limiting Behavior of Markovian Economic Models

DOI10.2307/1912634MaRDI QIDQ3929358zbMATH OpenOpenAlexFDO

Authors Carl A. Futia

Publication date 1982

Published in Econometrica (Search for Journal in Brave)

Full work available at URL https://doi.org/10.2307/1912634

zbMATH Keywords

convergence of Markov processequilibrium time seriesexistence of an invariant distributionstochastic economic models

Mathematics Subject Classification ID

Discrete-time Markov processes on general state spaces (60J05) Applications of Markov chains and discrete-time Markov processes on general state spaces (social mobility, learning theory, industrial processes, etc.) (60J20) Economic growth models (91B62)

Cited in

(30)

• Price smoothing and inventory behavior
• A distribution of extreme inequality with applications to conflict behavior: A geometric derivation of the Pareto distribution
• Average behavior in learning models
• Laws of large numbers for dynamical systems with randomly matched individuals
• Grouping for optimal growth
• Convergence of learning algorithms without a projection facility
• Long-sighted principal and myopic agents
• Economic dynamical systems with multiplicative noise.
• Estimation by simulation of monotone dynamical systems
• On the consistency of stationary Markov equilibria with an exogenous distribution.
• An evolutionary approach to learning in a changing environment.
• Stability of stochastic optimal growth models: a new approach
• Stochastic optimal growth with unbounded shock
• Simulation-based estimation of dynamic models with continuous equilibrium solutions
• Bayesian learning behaviour and the stability of equilibrium forecasts
• A constructive geometrical approach to the uniqueness of Markov stationary equilibrium in stochastic games of intergenerational altruism
• Consistency properties of a simulation-based estimator for dynamic processes
• Computing minimal state space recursive equilibrium in OLG models with stochastic production
• Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks
• Recurrence conditions for Markov decision processes with Borel state space: A survey
• Estimation of endogenously sampled time series: the case of commodity price speculation in the steel market
• Log-linearization of stochastic economic models†
• Stationary Markov perfect equilibria in risk sensitive stochastic overlapping generations models
• Stationary Markovian equilibrium in altruistic stochastic OLG models with limited commitment
• Convergence empirics across economies with (some) capital mobility.
• Random fixed points in a stochastic Solow growth model
• On the term structure of interest rates
• Intertemporal borrowing to sustain exogenous consumption standards under uncertainty
• Fictitious play in an evolutionary environment
• A qualitative approach to Markovian equilibrium on optimal growth under uncertainty

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