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Summary. Let
continuous,
exists in
for x in
. Let
be an i.i.d. sequence from F and X0 be a nonnegative random variable independent of
. Let
be the Markov chain generated by the iteration of random maps
by
. Such Markov chains arise in population ecology and growth models in economics. This paper studies the existence of nondegenerate stationary measures for {Xn}. A set of necessary conditions and two sets of sufficient conditions are provided. There are some convergence results also. The present paper is a generalization of the work on random logistics maps by Athreya and Dai (2000).Received: 20 March 2002, Revised: 4 December 2002, JEL Classification Numbers:
C22, D9.The author wishes to thank Professor Mukul Majumdar and the referees for several useful suggestions. 相似文献
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Kartik Athreya 《Journal of Monetary Economics》2009,56(1):83-103
We study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades. We find that unsecured credit markets pass through increased income risk to consumption, irrespective of bankruptcy policy and the information possessed by lenders. If risk sharing has indeed improved over this period, the reasons do not therefore lie in the unsecured credit market. 相似文献
3.
In many countries, the process of obtaining government approval for different projects involves interaction with multiple
government agencies at various levels. This often makes the approval process inefficient by unnecessary lengthening it. In
this paper we study the effect of a re-organization of the approval process towards making it a single window clearance system, on the efficiency of the entire process. We have used the expected queue length and the expected waiting
time in the system at the stochastic steady state as measures of inefficiency of an approval system. 相似文献
4.
Self-employment rates and project size vary greatly across countries. The main message of this paper is that these broad regularities are consistent with an environment in which a common self-employment technology is available worldwide, but where (a) financial intermediation costs and (b) alternatives in “paid” work differ greatly. Our model indicates that alternatives in paid work are crucial for explaining self-employment rates, whereas high financial intermediation costs primarily affect the scale of projects. We also show that credit use is not informative for predicting either rates of self-employment or the scale of self-employment projects. 相似文献
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Consider two departments of a government each serving customers of a particular type. We explore conditions under which a reorganization leading to both departments serving both types of customers leads to an enhancement of "efficiency" defined in terms of the expected queue size in a stochstic equilibrium. 相似文献
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In U.S. data, income interruptions, the receipt of public insurance, and the incidence of personal bankruptcy are all closely related. The central contribution of this paper is to evaluate bankruptcy protection and public insurance in a unified setting where each program alters incentives in the other. Our analysis delivers two striking conclusions. First, we find that U.S. personal bankruptcy law is an important barrier that prevents the public insurance system from improving welfare. Second, contrary to popular belief, we find that increases in the generosity of public insurance will lead to more, not less, bankruptcy. 相似文献
7.
Kartik Athreya Juan M. Sánchez Xuan S. Tam Eric R. Young 《International Economic Review》2018,59(2):593-623
This article documents and interprets a fact central to the dynamics of informal consumer debt default. We observe that for individuals 60– 90 days late on payments, (i) 85% make payments during the next quarter, and (ii) 40% reduce their debt. To understand these facts, we develop a quantitative model of debt delinquency and bankruptcy. Our model reproduces the dynamics of delinquency and suggests an interpretation of the data in which lenders frequently reset loan terms for delinquent borrowers, typically offering partial debt forgiveness, instead of a blanket imposition of the “penalty rates” most unsecured credit contracts specify. 相似文献
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Summary. Let be a Markov chain with a unique stationary distribution . Let h be a bounded measurable function. Write and . This paper explores conditions for the consistency and asymptotic normality of the estimate of of assuming the existence of a solution to the Poisson equation . Our framework covers the case of nonirreducible Markov chains arising in many growth models in economics.
Received: October 8, 2001; revised version: April 8, 2002
RID="*"
ID="*" Thanks are due to Professors Rabi Bhattacharya, Nicholas Kiefer and Timothy Vogelsang on an earlier draft for helpful
conversations, and a referee for insightful comments.
Correspondence to: M.Majumdar 相似文献
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