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Existence, Uniqueness and Stability of Stationary Distributions: An Extension of the Hopenhayn-Prescott Theorem
Kamihigashi, Takashi; Stachurski, John - Research Institute for Economics and Business … - 2012
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 and sufficient for global stability of monotone economies that …
Persistent link: https://www.econbiz.de/10010583476
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Stochastic stability in monotone economies
Stachurski, John; Kamihigashi, Takashi - In: Theoretical Economics 9 (2014) 2, pp. 383-407
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10011599516
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Stochastic stability in monotone economies
Kamihigashi, Takashi; Stachurski, John - In: Theoretical economics : TE ; an open access journal in … 9 (2014) 2, pp. 383-407
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10011674585
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Stochastic stability in monotone economies
Stachurski, John; Kamihigashi, Takashi - In: Theoretical Economics 9 (2014) 2
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10010773109
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Stochastic Stability in Monotone Economies
Kamihigashi, Takashi; Stachurski, John - Research Institute for Economics and Business … - 2013
This paper extends a family of well-known stability theorems for monotone economies to a significantly larger class of … models. We provide a set of general conditions for existence, uniqueness and stability of stationary distributions when … monotonicity holds. The conditions in our main result are both necessary and sufficient for global stability of monotone economies …
Persistent link: https://www.econbiz.de/10010822757
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Span of control, transaction costs, and the structure of production chains
Kikuchi, Tomoo; Nishimura, Kazuo; Stachurski, John - In: Theoretical Economics 13 (2018) 2, pp. 729-760
This paper builds coordination costs, transaction costs, and other aspects of the theory of the firm into a production chain model with an infinite number of ex ante identical producers. The equilibrium determines prices, allocations of productive tasks across firms, firm sizes, and the number...
Persistent link: https://www.econbiz.de/10012010042
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Necessary and Sufficient Conditions for Existence and Uniqueness of Recursive Utilities
Borovička, Jaroslav - 2019
We obtain exact necessary and sufficient conditions for existence and uniqueness of solutions of a class of homothetic recursive utility models postulated by Epstein and Zin (1989). The conditions center on a single test value with a natural economic interpretation. The test sheds light on the...
Persistent link: https://www.econbiz.de/10012900853
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Span of control, transaction costs, and the structure of production chains
Kikuchi, Tomoo; Nishimura, Kazuo; Stachurski, John - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 2, pp. 729-760
This paper builds coordination costs, transaction costs, and other aspects of the theory of the firm into a production chain model with an infinite number of ex ante identical producers. The equilibrium determines prices, allocations of productive tasks across firms, firm sizes, and the number...
Persistent link: https://www.econbiz.de/10011856713
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Parametric Continuity of Stationary Distributions
Van, Cuong Le; Stachurski, John - Institute of Economic Research, Kyoto University - 2006
For Markovian economic models, long-run equilibria are typically identified with the stationary (invariant) distributions generated by the model. In this paper we provide new sufficient conditions for continuity in the map from parameters to these equilibria. Several existing results are shown...
Persistent link: https://www.econbiz.de/10005385304
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Stochastic growth: asymptotic distributions
Stachurski, John - In: Economic Theory 21 (2003) 4, pp. 913-919
This note studies conditions under which sequences of state variables generated by discrete-time stochastic optimal accumulation models have law of large numbers and central limit properties. Productivity shocks with unbounded support are considered. Instead of restrictions on the support of the...
Persistent link: https://www.econbiz.de/10005597791