result shows the existence of a competitive equilibrium process that is stationary and has an invariant ergodic measure …This paper studies recursive exchange economies with short sales. Agents maximize discounted expected utility. The …

global effects that the existence of critical economies has on the equilibrium set. -- General equilibrium ; infinite …

complete markets in terms of existence, uniqueness, and closed-form solutions of the equilibria, and comonotonicity of the …

establishes the existence of sequential competitive equilibrium, generalized recursive equilibrium, recursive equilibrium with an … shocks such as Huggett (1997)'s economy. However, the existence of recursive equilibrium with the natural minimal state space … admits an ergodic measure, which enables the application of the ergodic theorem for simulating and calibrating the model …

higher systemic risk, i.e., higher volatility within the ergodic state distribution, and second, heterogeneity leads to an …

. The existence of equilibrium is approached by a generalized excess utility fixed point argument. Such Arrow …

We develop an isotone recursive approach to the problem of existence, computation, and characterization of non … between economies with isotone Lipschitz Markov equilibrium decision processes (MEDPs) and those that have only locally … is a special case of a more general mixed monotone recursive approach. We show MEDPs are unique only under very …