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dc.contributor.authorHillebrand, Martenen_US
dc.date.accessioned2012-11-28en_US
dc.date.accessioned2012-11-29T13:06:24Z-
dc.date.available2012-11-29T13:06:24Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:swb:90-311289-
dc.identifier.urihttp://hdl.handle.net/10419/67054-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherKIT Karlsruheen_US
dc.relation.ispartofseriesWorking Paper Series in Economics, Karlsruher Institut für Technologie (KIT) 46en_US
dc.subject.jelC62en_US
dc.subject.jelD51en_US
dc.subject.jelE32en_US
dc.subject.ddc330en_US
dc.subject.keywordMarkov equilibrium : Uniquenessen_US
dc.subject.keywordOverlapping generationsen_US
dc.subject.keywordNonclassical productionen_US
dc.subject.keywordMarkovian production shocksen_US
dc.titleUniqueness of Markov equilibrium in stochastic OLG models with nonclassical productionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn730577619en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:kitwps:46-
Appears in Collections:Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)

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