Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production (Q2452979)
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scientific article; zbMATH DE number 6301338
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| English | Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production |
scientific article; zbMATH DE number 6301338 |
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Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production (English)
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6 June 2014
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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.
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Markov equilibrium
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existence
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uniqueness
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OLG
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nonclassical production
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0.8449358344078064
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0.825278639793396
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0.8173386454582214
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0.8118898272514343
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