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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 - 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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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 - 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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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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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 Optimal Growth with Risky Labor Supply
Cai, Yiyong; Kamihigashi, Takashi; Stachurski, John - College of Business and Economics, Australian National … - 2012
for consistent estimation and simulation. …
Persistent link: https://www.econbiz.de/10011107156
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Seeking Ergodicity in Dynamic Economies
Kamihigashi, Takashi; Stachurski, John - Institut de Préparation à l'Administration et à la … - 2014
In both estimation and calibration studies, the notion of ergodicity plays a fundamental role, permitting time series averages to be regarded as approximations to population means. As it turns out, many economic models routinely used for quantitative modeling do not satisfy the classical...
Persistent link: https://www.econbiz.de/10011161638
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Seeking Ergodicity in Dynamic Economies
Kamihigashi, Takashi; Stachurski, John - Research Institute for Economics and Business … - 2014
In estimation and calibration studies the convergence of time series sample averages plays a central role. At the same time, a significant number of economic models do not satisfy the classical ergodicity conditions. Motivated by existing work on asymptotics of stochastic economic models, we...
Persistent link: https://www.econbiz.de/10011085494