Uniqueness of Markov equilibrium in stochastic OLG models with nonclassical production |
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| Authors: | Marten Hillebrand |
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| Institution: | Karlsruhe Institute of Technology, Department of Economics and Business Engineering, Kollegium IV am Schloß, D-76128 Karlsruhe, Germany |
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| Abstract: | A large class of stochastic OLG economies with nonclassical production is shown to possess a unique Markov Equilibrium (ME) which is also the unique sequential equilibrium. Additional properties such as monotonicity, continuity, and smoothness of the ME are also discussed. |
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| Keywords: | C62 D51 E32 |
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