EXISTENCE OF STATIONARY EQUILIBRIUM IN AN INCOMPLETE‐MARKET MODEL WITH ENDOGENOUS LABOR SUPPLY

Shenghao Zhu

International Economic Review, 2020, vol. 61, issue 3, 1115-1138

Abstract: In this article, I first study an income fluctuation problem with endogenous labor supply. Let β be the agent's time discount factor and R>0 be the constant gross rate of return on assets. For βR=1, I show that the agent's wealth either approaches infinity almost surely or converges to a finite level almost surely. For βR

Date: 2020
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