On Endogenous Compactness of the Individual State Space in the Huggett Model

One of the sufficient conditions for existence and uniqueness of a stationary distribution of agents in the Huggett [1993] model is the requirement that the space of individual states be a compact metric space. In this note, we reinforce the proof of Lemma 3 in Huggett [1993] by showing that two additional contrary hypotheses must first be ruled out, toward the construction of the proof that the individual state space is endogenously compact.

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Year of publication:	2010-02
Authors:	Kam, Timothy
Institutions:	College of Business and Economics, Australian National University

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Extent:	application/pdf
Series:	ANU Working Papers in Economics and Econometrics.
Type of publication:	Book / Working Paper
Notes:	7 pages longPages
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D31 - Personal Income, Wealth and Their Distributions ; D52 - Incomplete Markets
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008594124