Structure of Pareto optima in an infinite-horizon economy where agents have recursive preferences

This article generalizes the one-agent growth theory with discounting to the case of several agents with recursive preferences. In a multi-consumption goods world, we show that, under some regularity conditions, any Pareto optimum can be viewed as a function of a trajectory of a dynamical system. The state space can be chosen to be the product of the space of capitals and the unit simplex. We define and study the properties of generalized value functions.