Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production (Q2452979)
From MaRDI portal
scientific article
Language | Label | Description | Also known as |
---|---|---|---|
English | Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production |
scientific article |
Statements
Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production (English)
0 references
6 June 2014
0 references
The paper provides a set of intuitive economic assumptions under which two-period overlapping-generations models with stochastic production technologies exhibit unique equilibria. This paper is of particular interest to authors employing numerical models, as the assumptions provided in this paper can indicate whether the equilibrium found in computation is, in fact, unique.
0 references
Markov equilibrium
0 references
existence
0 references
uniqueness
0 references
OLG
0 references
nonclassical production
0 references
0 references