On the nonexistence of recursive equilibrium in stochastic OLG economies

Alessandro Citanna () and Paolo Siconolfi
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Alessandro Citanna: GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique

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Abstract: We study a class of stochastic Overlapping generations (OLG) economies that have one-memory equilibria, that is equilibria that are determined by the current and past realizations of the states of uncertainty. This class is negligible, but important. In particular, it contains all the known examples of nonexistence of recursive equilibrium. We show that, within this restricted domain, the existence of recursive equilibrium is actually typical, and such examples are therefore nonrobust.

Keywords: Stochastic OLG economies; Recursive equilibrium; One-memory equilibrium (search for similar items in EconPapers)
Date: 2008-12-01
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Published in Economic Theory, 2008, Vol.37, n°3, p.417-437. ⟨10.1007/s00199-007-0298-4⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00480206

DOI: 10.1007/s00199-007-0298-4

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