Existence of equilibrium in OLG economies with increasing returns
نویسندگان
چکیده
منابع مشابه
Recursive equilibrium in stochastic OLG economies∗
We prove generic existence of recursive equilibrium for overlapping generations economies with uncertainty. Generic here means in a residual set of utilities and endowments. The result holds provided there is sufficient intragenerational household heterogeneity.
متن کاملImplementation in production economies with increasing returns
In this paper we investigate incentive aspects of a general price-setting equilibrium principle in production economies with increasing returns or more general types of non-convexities. We do so by introducing the notion of generalized mechanism. We allow preferences and individual endowments to be unknown to the planner. We present a simple generalized mechanism whose social equilibrium alloca...
متن کاملImplementation of Marginal Cost Pricing Equilibrium Allocations with Transfers in Economies with Increasing Returns to Scale
This paper considers implementation of marginal cost pricing equilibrium allocations with transfers for production economies with increasing returns to scale. We present a mechanism whose Nash equilibrium allocations coincide with the set of marginal cost pricing equilibrium allocations with transfers that characterizes Pareto efficient allocations for economies with non-convex production techn...
متن کاملRecursive equilibrium in stochastic OLG economies: Incomplete markets ¬リニ
We prove generic existence of recursive equilibrium for overlapping generations economies with uncertainty and incomplete financial markets. Generic here means in a residual set of utilities and endowments. The result holds provided there is sufficient intragenerational household heterogeneity, and transition probabilities and the asset payoff matrix satisfy mild regularity conditions. The pape...
متن کاملPublic services , increasing returns , and equilibrium dynamics
This paper is concerned with casting o! the standard assumption } the production function displays socially constant returns to scale } in a simple growth model with public inputs. In the model, public services work as a source of utility and as an input to production. Making use of the global bifurcation technique, we show that the model can generate a whole spectrum of interesting dynamics, w...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economic Theory
سال: 2016
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-016-0955-6