Recursive Competitive Equilibrium in Multi-sector Economies

Richard Rogerson

International Economic Review, 1988, vol. 29, issue 3, 419-30

Abstract: This paper extends the theory of recursive competitive equilibrium developed by Mehra and Prescott (1980) to a class of multisector economies in which mobility is costly. By introducing l otteries into the consumption sets of individuals, it is shown that e quilibrium allocations can be obtained as the solution to a recursive programming problem. The Lucas and Prescott (1974) search environmen t is a special case of the environment studied here. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1988
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