The Global Stability of Efficient Intertemporal Allocations

Larry G. Epstein

128 citations0/0 files storedEconometrica

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Economic theories and models Economic Theory and Policy Economic Growth and Productivity

Abstract

This paper describes a continuous time model of an economy with finitely many infinitely-lived consumers and a finite number of capital goods. Two objectives are achieved. First, recursive (nonadditive) utility functionals are formulated and analyzed. Second, these preference functionals are applied to analyze the nature of efficient allocations in a dynamic economy. Two classes of global turnpike propositions are proven which provide the basis for a model of the long-run distribution of wealth. These propositions also provide new perspective regarding existing stability literature based on additive utilities. Copyright 1987 by The Econometric Society.

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References

1960Stationary Ordinal Utility and Impatience 1972Existence of equilibria in economies with infinitely many commodities 1980On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households 1984Optimal growth with many consumers 1983The Rate of Time Preference and Dynamic Economic Analysis 1987A simple dynamic general equilibrium model 1982An integration of equilibrium theory and turnpike theory 1981Myopic Economic Agents

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1990Recursive utility and the Ramsey problem 2003Optimal growth with decreasing marginal impatience 1993Dynamic equilibria with unemployment due to undernourishment 2019Survival and Long-Run Dynamics with Heterogeneous Beliefs under Recursive Preferences 2004The dynamics of risk-sensitive allocations 2012Survival and Long-Run Dynamics with Heterogeneous Beliefs Under Recursive Preferences

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