The existence of steady states in multisector capital accumulation models with recursive preferences
成果类型：
Article
署名作者：
Boyd, JH
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0118
发表日期：
1996
页码：
289-297
关键词：
摘要：
This paper proves the existence of a non-trivial stationary optimal path in a multisectoral capital accumulation model with recursive preferences. The reduced-form recursive preferences are represented by an aggregator funtion. I introduce a new form of delta-normality that is appropriate for use with recursive preferences. Under some mild conditions on the aggregator, non-trivial steady slates exist when the technology is bounded and delta-normal. (C) 1996 Academic Press, Inc.