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Title:Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production PDF Logo
Authors:Hillebrand, Marten
Issue Date:2012
Series/Report no.:Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT) 46
Abstract:This paper studies Markov Equilibria (ME) corresponding to recursive equilibria on natural state space in the stochastic OLG model extended to include non-additive utility, nonclassical production, and Markovian production shocks. Specifically, we provide sufficient conditions under which the ME in unique. It turns out that uniqueness for a large class of economies and that restrictions either on the consumption side or the production side alone are sufficient to garantuee this result. We also discuss additional properties such as continuity or smoothness of the equilibrium mappings and whether additional recursive or non-recursive euilibria exist.
Subjects:Markov equilibrium : Uniqueness
Overlapping generations
Nonclassical production
Markovian production shocks
JEL:C62
D51
E32
Persistent Identifier of the first edition:urn:nbn:de:swb:90-311289
Document Type:Working Paper
Appears in Collections:Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)

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