This paper presents new order-theoretic conditions for global stability of monotone Markov processes with possibly non-compact state spaces. Our main result shows that a Markov process induced by a continuous and increasing transition law is globally stable if it admits a Lyapunovlike function,...

This note contains some technical results developed for Kamihigashi and Stachurski (2010). We first consider a stochastic kernel on an arbitrary measurable space and establish some general results. We then introduce a preorder and consider an increasing stochastic kernel. None of our results...

This paper strengthens the Hopenhayn and Prescott stability theorem for monotone economies. We extend the theorem to a larger class of applications, and develop new perspectives on the nature and causes of stability and instability. In addition, we show that models satisfying the...

We discuss stability of discrete-time Markov chains satisfying monotonicity and an order-theoretic mixing condition that can be seen as an alternative to irreducibility. A chain satisfying these conditions has at most one stationary distribution. Moreover, if there is a stationary distribution,...

Production takes time, and labor supply and profit maximization decisions that relate to current production are typically made before all shocks affecting that production have been realized. In this paper we re-examine the problem of stochastic optimal growth with aggregate risk where the timing...

This paper strengthens the Hopenhayn-Prescott stability theorem for monotone economies by extending it to a significantly larger class of models. We provid general conditions for existence, uniqueness and stability of stationary distributions. The conditions in our main result are both necessary...

In equilibrium models of firm dynamics, the stationary equilibrium distribution of firms summarizes the predictions of the model for a given set of primitives. Focusing on Hopenhayn's seminal model of firm dynamics with entry and exit (Econometrica, 60:5, 1992, p. 1127–1150), we provide an...

In estimation and calibration studies the concept of ergodicity plays a fundamental role. At the same time, a significant number of economic models do not satisfy the classical ergodicity conditions. Motivated by existing work on economic dynamics, we develop a new set of results on ergodicity...

In equilibrium models of firm dynamics, the stationary equilibrium distribution of firms summarizes the predictions of the model for a given set of primitives. Focusing on Hopenhayn's seminal model of firm dynamics with entry and exit (Econometrica, 60:5, 1992, p. 1127–1150), we provide an...

Consider a preordered metric space (X; d;). Suppose that d(x; y) d(x0; y0) if x0 x y y0. We say that a self-map T on X is asymptotically contractive if d(Tix; Tiy) ! 0 for all x; y 2 X. We show that an order-preserving self-map T on X has a globally stable xed point if and only if T is...