We provide a unified approach to stochastic dynamic programming with recursive utility based on an elementary application of Tarski's Fixed Point Theorem. We establish that the exclusive source of multiple values is the presence of multiple recursive utilities consistent with the given...

In this paper we propose a unifying approach to the study of recursive economic problems. Postulating an aggregator function as the fundamental expression of tastes, we explore conditions under which a utility function can be constructed. We also modify the usual dynamic programming arguments to...