Monotone Methods for Markovian Equilibrium in Dynamic Economies

Manjira Datta, Leonard Mirman, Olivier Morand and Kevin Reffett

Annals of Operations Research, 2002, vol. 114, issue 1, 117-144

Abstract: In this paper, we provide an overview of an emerging class of “monotone map methods” in analyzing distorted equilibrium in dynamic economies. In particular, we focus on proving the existence and characterization of competitive equilibrium in non-optimal versions of the optimal growth models. We suggest two alternative methods: an Euler equation method for a smooth, strongly concave environment, and a value function method for a non-smooth supermodular environment. We are able to extend this analysis to study models that allow for unbounded growth or a labor–leisure choice. Copyright Kluwer Academic Publishers 2002

Date: 2002
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DOI: 10.1023/A:1021058102470

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