EQUILIBRIA OF A STATIONARY ECONOMY WITH RECURSIVE PREFERENCES

被引:11
作者
DANA, RA [1 ]
LEVAN, C [1 ]
机构
[1] CNRS,CEPREMAP,F-75005 PARIS,FRANCE
关键词
INTERTEMPORAL STATIONARY ECONOMY; RECURSIVE PREFERENCES; PARETO OPTIMA; EQUILIBRIA;
D O I
10.1007/BF00939922
中图分类号
C93 [管理学]; O22 [运筹学];
学科分类号
070105 ; 12 ; 1201 ; 1202 ; 120202 ;
摘要
We consider an intertemporal stationary economy in discrete time, where agents have recursive preferences. Using dynamic programming, we show that equilibrium consumption trajectories from a capital stock are interior Pareto optima and are characterized by a strictly positive parameter in DELTA(n-1), the set of agents' initial weights. We then exhibit prices that support the Pareto optima and use the Negishi method to characterize the parameters corresponding to equilibria. Finally, we prove the existence of equilibria and show that the number of regular equilibria is odd.
引用
收藏
页码:289 / 313
页数:25
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