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On the nonexistence of recursive equilibrium in stochastic OLG economies

Abstract : We study a class of stochastic Overlapping generations (OLG) economies that have one-memory equilibria, that is equilibria that are determined by the current and past realizations of the states of uncertainty. This class is negligible, but important. In particular, it contains all the known examples of nonexistence of recursive equilibrium. We show that, within this restricted domain, the existence of recursive equilibrium is actually typical, and such examples are therefore nonrobust.
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Contributor : Antoine Haldemann <>
Submitted on : Monday, May 3, 2010 - 4:06:54 PM
Last modification on : Thursday, January 11, 2018 - 6:19:31 AM

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Alessandro Citanna, Paolo Siconolfi. On the nonexistence of recursive equilibrium in stochastic OLG economies. Economic Theory, Springer Verlag, 2008, Vol.37, n°3, p.417-437. ⟨10.1007/s00199-007-0298-4⟩. ⟨hal-00480206⟩

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