Existence and uniqueness of equilibrium in distorted dynamic economies with capital and labor

• 成果类型: Article
• 署名作者: Datta, M; Mirman, LJ; Reffett, KL
• 署名单位: Arizona State University; Arizona State University-Tempe; University of Virginia
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2789
• 发表日期: 2002
• 页码: 377-410
• 关键词: recursive competitive equilibrium; distortion; monotone operators; Tarski's fixed point theorem

摘要

In this paper, we provide a set of sufficient conditions under which recursive competitive equilibrium exists and is unique for a large class of distorted dynamic equilibrium models with capital and elastic labor supply. We develop a lattice based approach to the problem. The class of economics for which we are able to obtain our existence and uniqueness result is considerably larger than those considered in previous work. We conclude by applying the new results to some important examples of monetary economics often used in applied work. (C) 2001 Elsevier Science (USA).