In this paper we first give an elementary proof of existence of equilibrium with dividends in an economy with possibly satiated consumers.We then introduce a no-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.

In this paper, we first give an elementary proof of existence of equilibrium with dividends in an economy with possibly satiated consumers. We then introduce a non-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.

In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence of an equilibrium in a truncated bounded...

This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of the standard techniques from calculus of variations and some basic properties of Sobolev spaces.

To account for the development patterns that differ considerably among economies in the long run, a variety of one-sector models that incorporate some degree of market imperfections based on technological external effects and increasing returns have been presented. This paper studies the dynamic...

We propose a new approach to the issue of existence and uniqueness of solutions to the Bellman equation, exploiting an emerging class of methods, called monotone map methods, pioneered in the work of Krasnosel'skii-Zabreiko (1984). The approach is technically simple and intuitive. It is derived...