Th existence of steady states in multisector capital accumulation models with recursive preferences

Article Abstract:

Analysis of a capital accumulation model characterized by the presence of many sectors proves that non-trivial stationary optimal path choices exist. Such a finding is based on the delta-normality that fits recursive preferences, which are represented by an aggregator function when seen in their reduced condition. When certain mild conditions exist in the aggregator and the technology is limited and characterized by delta-normality, non-trivial steady situations exist.

Models, Capital formation, Economic stagnation

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Structure of Pareto optima when agents have stochastic recursive preferences

Article Abstract:

A recursive procedure is presented as a means of creating conditions satisfying Pareto optimal allocations for a given economic model. This particular model is characterized by Markov certainty and consumer preferences that can be shown as a recursive function. The model is compatible with that proposed by Lucas and Stokey.

Consumer preferences, Markov processes

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