Capital theory, equilibrium analysis and recursive utility:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Malden, Mass. [u.a.]
Blackwell
1997
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 345 S. graph. Darst. |
| ISBN: | 1557864136 |
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| 100 | 1 | |a Becker, Robert A. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Capital theory, equilibrium analysis and recursive utility |c Robert A. Becker ; John H. Boyd III |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Malden, Mass. [u.a.] |b Blackwell |c 1997 | |
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| 650 | 4 | |a Statics and dynamics (Social sciences) | |
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| 650 | 4 | |a Utility theory | |
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Record in the Search Index
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| adam_text | CAPITAL THEORY
EQUILIBRIUM ANALYSIS AND
RECURSIVE UTILITY
ROBERTA BECKER
JOHN H BOYD III
Contents
List of Examples xi
Preface xv
1 The Recursive Utility Approach 1
1 1 Introduction 1
1 2 What Is a Recursive Utility Function? 2
1 3 Why Study Recursive Utility? 9
131 The Long-Run Incidence of Capital Taxation 9
The Tax Model 9
Tax Incidence with TAS Utility 12
Tax Incidence with Epstein-Hynes Utility 13
132 The Impatience Problem 16
The Impatience Problem with Epstein-Hynes Utility 18
1 4 Recursive Utility and Commodity Spaces 18
141 Diminishing Returns and Bounded Growth 19
142 Non-Decreasing Returns and Sustained Growth 21
Growth and Exogenous Technical Progress 21
Endogenous Growth Models 22
143 Order Structures 25
Weak Separability of the Future from the Present 25
Partial Orders on the Commodity Space 26
1 5 Conclusion 27
2 Commodity and Price Spaces 29
2 1 Introduction 29
2 2 Commodity Spaces 29
221 Order Properties 31
Free Disposal 32
222 Topological Properties 33
Metric Spaces 35
Continuity • 38
Compactness and Product Spaces 39
Connectedness 41
223 Linear Topologies 42
Order Convergence 44
Semicontinuity 46
Contraction Mapping Theorems 47
viii CONTENTS
Commodity Price Dualities
Duals and Hyperplanes
Hahn-Banach Theorems
Dual Pairs and Weak Topologies
Order Duals
The Dual of F°
Conclusion
3 Representation of Recursive Preferences 63
3 1 Introduction 63
3 2 Preference Orders and Utility Theory 64
3 3 Recursive Utility: the Koopmans Axioms 71
331 The Axioms • 72
332 Biconvergence 75
333 Recursive Preferences and Additivity 78
3 4 Impatience, Discounting, and Myopia 84
341 Impatience and Time Perspective 85
342 Myopia and the Continuity Axiom 86
343 The Norm of Marginal Impatience Conditions 92
3 5 Recursive Utility: the Aggregator 96
351 Basic Properties of the Aggregator 97
352 The Existence of Recursive Utility 100
353 Aggregators Bounded from Below 101
354 Unbounded Aggregators 103
3 6 Conclusion 108
4 Existence and Characterization of Optimal Paths 110
4 1 Introduction 110
4 2 Fundamentals of Existence Theory 112
421A Simple Capital Accumulation Model 112
422 The Weierstrass Theorem 114
423 One-Sector TAS Existence Theory 115
424 Extended Utilitarianism 118
4 3 Multisector Capital Accumulation Models 121
431 The von Neumann and Malinvaud Models 123
432 The Feasible Correspondence 127
4 4 The Existence and Sensitivity of Optimal Paths 128
441 The Maximum Theorem - 129
442 Optimal Paths 130
4 5 Recursive Dynamic Programming 135
451 Dynamic Programming with TAS Utility 135
452 Recursive Utility and Multisector Models 138
453 Dynamic Programming and Extended Utilitarianism 141
4 6 Characterization of Optimal Paths 143
461 No-Arbitrage Conditions 143
462 Complete Characterization of Optimal Paths 149
CONTENTS
4 7 Conclusion 154
5 Statics and Dynamics of Optimal Paths 155
5 1 Introduction 155
5 2 One-Sector Models • 157
521 The Inada Conditions 157
522 Stationary States in One-Sector Models 159
523 Monotonicity and Turnpikes in TAS Models 162
Differential Approach 163
Nonclassical Models 164
524 Monotonicity and Turnpikes in Recursive Models 167
525 Growing Economies 170
5 3 Steady States in Multisectoral Models 173
531 Stationary Optimal Programs for Additive Utility 173
532 Stationary Optimal Programs for Recursive Utility 176
5 4 Stability of Multisectoral Models 186
541 The Undiscounted Model 186
542 The Visit Lemma 190
543 Uniqueness of Steady States 191
544 Local Analysis of Steady States 194
545 Local and Global Stability 198
5 5 Cycles and Chaos in Optimal Growth 202
551 The Existence of Cycles 203
552 Chaotic Dynamics 208
5 6 Conclusion 211
6 Equivalence Principles and Dynamic Equilibria 213
6 1 Introduction 213
6 2 Equivalence Principles for One-Sector Models 216
621 The Perfect Foresight Equivalence Theorem 217
Perfect Foresight Competitive Equilibrium 217
The PFCE Equivalence Principle 219
622 The Fisher Equivalence Theorem 220
623 The Equivalence Theorem and Transversality 222
624 Recursive Competitive Equilibrium and Equivalence 225
6 3 Multisector Equivalence Principles 228
631 The Portfolio Equilibrium Condition 228
632 The Two-Sector Equivalence Theorem 229
The Household Sector 230
The Production Sector 231
The Transformation Function 232
Perfect Foresight Equilibrium 233
The Optimal Growth Problem 234
The Equivalence Theorem 235
633 Dynamics and the Two-Sector Equivalence Theorem 236
6 4 Transversality and the Hahn problem 237
CONTENTS
6 5 Transversality and Decentralization 241
7 Comparative Dynamics 242
7 1 Introduction 242
7 2 The Reduced-Form TAS Model 246
721 Comparative Dynamics for Monotonic Programs 247
722 Comparative Dynamics for Oscillating Programs 254
723 Comparative Dynamics and Capital Income Tax Reform 257
73A Primer of Lattice Programming 260
731 More about Lattices 261
732 An Introduction to Monotone Comparative Statics • 264
733 Topkis s Theorems 266
7 4 Lattice Programming and the TAS Model 271
741 Monotonicity of Optimal Capital Policy Functions 272
742 The Capital Deepening Theorem 274
7 5 Recursive Utility Models 277
751 Recursive Utility, Monotonicity, and Lattice Programming 277
752 Increasing Impatience and Recursive Utility 277
753 Capital Deepening and Recursive Utility 279
7 6 Conclusion 284
8 Dynamic Competitive Equilibrium 285
8 1 Introduction 285
8 2 Dynamic Economies 286
821 Infinite Horizon Economies 288
822 Existence of Pareto Optima 297
8 3 The Core and Edgeworth Equilibria 298
831 Existence of Core Allocations 298
832 Replicas and Edgeworth Equilibria 299
8 4 The Core and Competitive Equilibrium 301
841 Core Equivalence 301
842 The Welfare Theorems 308
843 Representation of Equilibrium as Welfare Maximum 309
8 5 Models with Very Heterogeneous Discounting 311
8 6 Conclusion 315
References 316
Index 334
|
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| language | English |
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| spelling | Becker, Robert A. Verfasser aut Capital theory, equilibrium analysis and recursive utility Robert A. Becker ; John H. Boyd III 1. publ. Malden, Mass. [u.a.] Blackwell 1997 XIX, 345 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Economisch evenwicht gtt Wirtschaftsentwicklung Equilibrium (Economics) Statics and dynamics (Social sciences) Capital Utility theory Economic development Nutzentheorie (DE-588)4131868-7 gnd rswk-swf Kapitaltheorie (DE-588)4130460-3 gnd rswk-swf Dynamisches Modell (DE-588)4150932-8 gnd rswk-swf Gleichgewichtstheorie (DE-588)4071876-1 gnd rswk-swf Gleichgewichtstheorie (DE-588)4071876-1 s Kapitaltheorie (DE-588)4130460-3 s Dynamisches Modell (DE-588)4150932-8 s DE-604 Nutzentheorie (DE-588)4131868-7 s Boyd, John H. Verfasser aut HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007673048&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Becker, Robert A. Boyd, John H. Capital theory, equilibrium analysis and recursive utility Economisch evenwicht gtt Wirtschaftsentwicklung Equilibrium (Economics) Statics and dynamics (Social sciences) Capital Utility theory Economic development Nutzentheorie (DE-588)4131868-7 gnd Kapitaltheorie (DE-588)4130460-3 gnd Dynamisches Modell (DE-588)4150932-8 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd |
| subject_GND | (DE-588)4131868-7 (DE-588)4130460-3 (DE-588)4150932-8 (DE-588)4071876-1 |
| title | Capital theory, equilibrium analysis and recursive utility |
| title_auth | Capital theory, equilibrium analysis and recursive utility |
| title_exact_search | Capital theory, equilibrium analysis and recursive utility |
| title_full | Capital theory, equilibrium analysis and recursive utility Robert A. Becker ; John H. Boyd III |
| title_fullStr | Capital theory, equilibrium analysis and recursive utility Robert A. Becker ; John H. Boyd III |
| title_full_unstemmed | Capital theory, equilibrium analysis and recursive utility Robert A. Becker ; John H. Boyd III |
| title_short | Capital theory, equilibrium analysis and recursive utility |
| title_sort | capital theory equilibrium analysis and recursive utility |
| topic | Economisch evenwicht gtt Wirtschaftsentwicklung Equilibrium (Economics) Statics and dynamics (Social sciences) Capital Utility theory Economic development Nutzentheorie (DE-588)4131868-7 gnd Kapitaltheorie (DE-588)4130460-3 gnd Dynamisches Modell (DE-588)4150932-8 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd |
| topic_facet | Economisch evenwicht Wirtschaftsentwicklung Equilibrium (Economics) Statics and dynamics (Social sciences) Capital Utility theory Economic development Nutzentheorie Kapitaltheorie Dynamisches Modell Gleichgewichtstheorie |
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