Production, interest, and saving in deterministic economies with additive endowments

DOI10.1007/S00199-006-0141-3MaRDI QIDQ852320zbMATH OpenOpenAlexFDO

Authors Ioannis Karatzas, Martin Shubik, William D. Sudderth

Publication date 29 November 2006

Published in Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s00199-006-0141-3

zbMATH Keywords

equilibriaproduction economy

Mathematics Subject Classification ID

Special types of economic markets (including Cournot, Bertrand) (91B54)

Review text

Stationary equilibria are constructed for a series of nonstochastic production economies in which the decisions of producers, wage earners, shareholders, and savers modulate, via a ``production function, the endowment variables in an additive fashion. The endowment variable is a known (deterministic) positive constant, the same from period to period. The efficiency of each model is compared to that of a single agent who produces for personal consumption.

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Cites work

• A Commodity Price Process with a Unique Continuous Invariant Distribution Having Infinite Mean
• A Simple Competitive Model with Production and Storage
• scientific article; zbMATH DE number 52448 (Why is no real title available?)
• Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions
• Stochastic Speculative Price
• The Accumulation of Risky Capital: A Sequential Utility Analysis
• The inflationary bias of real uncertainty and the harmonic Fisher equation

Cited in

(4)

• From general equilibrium to Schumpeter
• Decisions on Production and the Behaviour of Savers in Recent General Equilibrium Models
• Breaking the circular flow: a dynamic programming approach to Schumpeter
• Endogenous competitive business cycles with positive outside money and positive interest elasticity of savings

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