Existence and uniqueness of equilibrium in distorted dynamic economies with capital and labor (Q1601453)
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scientific article; zbMATH DE number 1760696
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Existence and uniqueness of equilibrium in distorted dynamic economies with capital and labor |
scientific article; zbMATH DE number 1760696 |
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Existence and uniqueness of equilibrium in distorted dynamic economies with capital and labor (English)
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2002
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An infinite horizon stochastic growth model with a continuum of infinitely-lived and identical agents is considered (cf. [\textit{W. Brock} and \textit{L. J. Mirman}, ``Optimal growth and uncertainty: the discounted case'', J. Econ. Theory 4, 429--513 (1972)]. The main result provides sufficient conditions for the existence of a recursive competitive equilibrium.
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recursive competitive equilibrium
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distortion
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