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Persistent link: https://www.econbiz.de/10011800774
This paper uses lattice programming methods along with the extension of Tarski's fixed point theorem due to Veinott (1992) and Zhou (1994) to establish sufficient conditions for existence of sequential symmetric Markov equilibrium in a large class of dynamic games. Our method is constructive and...
Persistent link: https://www.econbiz.de/10014067464
We prove the existence of a minimal state space recursive equilibrium (RE) for a broad class of infinite horizon dynamic general equilibrium models with positive externalities, dynamic complementarities, public policy, equilibrium indeterminacy and sunspots. These are new "multistep" monotone...
Persistent link: https://www.econbiz.de/10012983358
Persistent link: https://www.econbiz.de/10012022836