Cass transversality condition and sequential asset bubbles

Luigi Montrucchio

Economic Theory, 2004, vol. 24, issue 3, 645-663

Abstract: The objective of this paper is to illustrate the connection existing between the asymptotic value of a certain random series and the absence of asset pricing valuation bubbles in stochastic economies with sequential markets. This series, in turn, is closely related to the one proposed by Cass to characterize efficient accumulation paths in Solow models. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Bubbles; Transversality conditions; Sequential asset markets. (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00199-004-0502-8

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