Strong concavity properties of indirect utility functions in multisector optimal growth models

Article Abstract:

A solution is sought to the problem of providing some conditions on the fundamentals that creates strongly concave indirect utility function. It has been shown that strong concavity of indirect functions in multisector growth models is a primary assumption to show stability of steady states and smoothness of optimal paths. If the capital goods technologies are Lipschitz-continuous and if consumption good production function is alpha-concave, then the indirect function is strongly concave.

Econometrics & Model Building, Models, Econometrics, Economic development, Business models, Utility theory, Utility functions

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Does rational learning lead to Nash equilibrium in finitely repeated games?

Article Abstract:

Finite horizon games will achieve Nash equilibrium due to the equivalency of asymptotic continuity in finite games and absolute continuity in infinitely repeated games. Asymptotic continuity results from players assigning vanishing probability to event sequences, leading to rational learning about opponent's strategies and probable outcomes.

Analysis, Economics

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