"Recursive equilibrium in stochastic overlapping-generations economies"
©
Econometrica,
January
2010
Volume: 78
|
Issue: 1
|
Pages: 309-347
Publication type: Journal article
Research Archive Topic: Business Economics and Public Policy, Corporate Finance
Abstract
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.
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