Equilibria of a stationary economy with recursive preferences |
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Authors: | R A Dana C Le Van |
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Institution: | (1) Laboratoire de Mathématiques Fondamentales, Université de Paris-VI, Paris, France;(2) CNRS-CEPREMAP, Paris, France |
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Abstract: | We consider an intertemporal stationary economy in discrete time, where agents have recursive preferences. Using dynamic programming, we show that equilibrium consumption trajectories from a capital stock are interior Pareto optima and are characterized by a strictly positive parameter in
n–1, the set of agents' initial weights. We then exhibit prices that support the Pareto optima and use the Negishi method to characterize the parameters corresponding to equilibria. Finally, we prove the existence of equilibria and show that the number of regular equilibria is odd. |
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Keywords: | Intertemporal stationary economy recursive preferences Pareto optima equilibria |
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