Stochastic stability in monotone economies

• 成果类型: Article
• 署名作者: Kamihigashi, Takashi; Stachurski, John
• 署名单位: Kobe University; Kobe University; Australian National University
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1933-6837
• DOI: 10.3982/TE1367
• 发表日期: 2014-05-01
• 页码: 383-407
• 关键词: stability; MONOTONICITY; stationary equilibria

摘要

This paper extends a family of well known stability theorems for monotone economies to a significantly larger class of models. We provide a set of general conditions for existence, uniqueness, and stability of stationary distributions when monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies that satisfy a weak mixing condition introduced in the paper. Through our analysis, we develop new insights into the nature and causes of stability and instability.