The aim of this paper is to fill the gap between intertemporal growth models when the discount factor beta is close to one and when it equals one.We show that the value function and the policy function are continuous with respect both to the discount factor and the initial stock of capitalx0. We...

We propose a new approach to the issue of existence and uniqueness of solutions to the Bellman equation, exploiting an emerging class of methods, called monotone map methods, pioneered in the work of Krasnosel'skii-Zabreiko (1984). The approach is technically simple and intuitive. It is derived...

The aim of this paper is to fill the gap between intertemporal growth models when the discount factor beta is close to one and when it equals one.We show that the value function and the policy function are continuous with respect both to the discount factor and the initial stock of capitalx0. We...

We propose a new approach to the issue of existence and uniqueness of solutions to the Bellman equation, exploiting an emerging class of methods, called monotone map methods, pioneered in the work of Krasnosel'skii-Zabreiko (1984). The approach is technically simple and intuitive. It is derived...

This paper presents another definition of substitutes and complements. It follows a dual approach using the Luenberger's benefit function. The benefit function measures the amount of a reference bundle that an individual would be willing to give up to move from a given utility level to any...

We study a trading process for a pure exchange economy with overlapping generations. This process is based on the maximization, at each stage, of a collective benefit (or surplus). We show that this process converges to a Pareto-optimal allocation. This extends the second fundamental convergence...

Available characterizations of the various notions of stochastic dominance concern continuous random variables. Yet, discrete random variables are often used either in pedagogical presentations of stochastic dominance or in experimental tests of this notion. This note provides complete...

This paper presents another definition of substitutes and complements. It follows a dual approach using the Luenberger's benefit function. The benefit function measures the amount of a reference bundle that an individual would be willing to give up to move from a given utility level to any...