Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production

Marten Hillebrand

Economics Letters, 2014, vol. 123, issue 2, 171-176

Abstract: A large class of stochastic OLG economies with nonclassical production is shown to possess a unique Markov Equilibrium (ME) which is also the unique sequential equilibrium. Additional properties such as monotonicity, continuity, and smoothness of the ME are also discussed.

Keywords: Markov equilibrium; Existence; Uniqueness; OLG; Nonclassical production (search for similar items in EconPapers)
JEL-codes: C62 D51 E32 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176514000627
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:123:y:2014:i:2:p:171-176

DOI: 10.1016/j.econlet.2014.02.006

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().