Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production
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Publication:2452979
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.
Recommendations
- Existence, uniqueness, and stability of equilibrium in an OLG economy
- Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks
- Existence and uniqueness of steady-state equilibrium in a generalized overlapping generations model
- Stationary equilibria in an overlapping generations economy with stochastic production
- Existence, uniqueness, and stability of equilibrium in an overlapping- generations model with productive capital
Cites work
- Computing minimal state space recursive equilibrium in OLG models with stochastic production
- Equilibrium in a Production Economy with an Income Tax
- Graphs of Measurable Functions
- On the existence of nonoptimal equilibria in dynamic stochastic economies
- Stationary equilibria in an overlapping generations economy with stochastic production
- Stationary Markov equilibria for overlapping generations
- Stationary Markov Equilibria in an Olg Model with Correlated Production Shocks
- Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks
Cited in
(10)- Stationary equilibria in an overlapping generations economy with stochastic production
- Uniqueness of an equilibrium in infinite-horizon economies subject to taxes and externalities
- A mechanism for booms and busts in housing prices
- A constructive geometrical approach to the uniqueness of Markov stationary equilibrium in stochastic games of intergenerational altruism
- Social security as Markov equilibrium in OLG models: clarifications and some new insights
- Uniqueness of equilibrium in a Bewley-Aiyagari model
- A characterization of Markov equilibrium in stochastic overlapping generations models
- Bubbly Markov equilibria
- Stationary Markovian equilibrium in overlapping generation models with stochastic nonclassical production and Markov shocks
- Stationary Markov Equilibria in an Olg Model with Correlated Production Shocks
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