Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production

A large class of stochastic OLG economies with nonclassical production is shown to possess a unique Markov Equilibrium (ME) which is also the unique sequential equilibrium. Additional properties such as monotonicity, continuity, and smoothness of the ME are also discussed.

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Year of publication:	2014
Authors:	Hillebrand, Marten
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 123.2014, 2, p. 171-176
Publisher:	Elsevier
Subject:	Markov equilibrium \| Existence \| Uniqueness \| OLG \| Nonclassical production

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Type of publication:	Article
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies ; E32 - Business Fluctuations; Cycles
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010906359