Monotone Methods for Markovian Equilibrium in Dynamic Economies

Manjira Datta, Leonard Mirman, Olivier F. Morand and Kevin Reffett
Additional contact information
Manjira Datta: Arizona State University
Olivier F. Morand: University of Connecticut

No 02-086/2, Tinbergen Institute Discussion Papers from Tinbergen Institute

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.

Date: 2002-09-04
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Citations: View citations in EconPapers (11)

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Related works:
Journal Article: Monotone Methods for Markovian Equilibrium in Dynamic Economies (2002)
Working Paper: Monotone Methods for Markovian Equilibrium in Dynamic Economies
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20020086

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