Ruling Out Multiplicity of Smooth Equilibria in Dynamic Games: A Hyperbolic Discounting Example
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Campo DC | Valor | Idioma |
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dc.contributor | Análisis Económico | es_ES |
dc.contributor.author | Maliar, Lilia | - |
dc.contributor.author | Maliar, Serguei | - |
dc.contributor.other | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico | es_ES |
dc.date.accessioned | 2017-02-04T12:31:12Z | - |
dc.date.available | 2017-02-04T12:31:12Z | - |
dc.date.issued | 2016-06 | - |
dc.identifier.citation | Dynamic Games and Applications. 2016, 6(2): 243-261. doi:10.1007/s13235-015-0177-8 | es_ES |
dc.identifier.issn | 2153-0785 (Print) | - |
dc.identifier.issn | 2153-0793 (Online) | - |
dc.identifier.uri | http://hdl.handle.net/10045/62608 | - |
dc.description.abstract | The literature that conducts numerical analysis of equilibrium in models with hyperbolic (quasi-geometric) discounting reports difficulties in achieving convergence. Surprisingly, numerical methods fail to converge even in a simple, deterministic optimal growth problem that has a well-behaved, smooth closed-form solution. We argue that the reason for nonconvergence is that the generalized Euler equation has a continuum of smooth solutions, each of which is characterized by a different integration constant. We propose two types of restrictions that can rule out the multiplicity: boundary conditions and shape restrictions on equilibrium policy functions. With these additional restrictions, the studied numerical methods deliver a unique smooth solution for both the deterministic and stochastic problems in a wide range of the model’s parameters. | es_ES |
dc.description.sponsorship | Lilia Maliar and Serguei Maliar acknowledge support from the Hoover Institution and Department of Economics at Stanford University, University of Alicante, Santa Clara University and MECD Grant ECO2012-36719. | es_ES |
dc.language | eng | es_ES |
dc.publisher | Springer Science+Business Media New York | es_ES |
dc.rights | © Springer Science+Business Media New York 2015. The final publication is available at Springer via http://dx.doi.org/10.1007/s13235-015-0177-8 | es_ES |
dc.subject | Hyperbolic discounting | es_ES |
dc.subject | Quasi-geometric discounting | es_ES |
dc.subject | Time inconsistency | es_ES |
dc.subject | Markov perfect equilibrium | es_ES |
dc.subject | Markov games | es_ES |
dc.subject | Turnpike theorem | es_ES |
dc.subject | Neoclassical growth model | es_ES |
dc.subject | Endogenous gridpoints | es_ES |
dc.subject | Envelope condition | es_ES |
dc.subject.other | Fundamentos del Análisis Económico | es_ES |
dc.title | Ruling Out Multiplicity of Smooth Equilibria in Dynamic Games: A Hyperbolic Discounting Example | es_ES |
dc.type | info:eu-repo/semantics/article | es_ES |
dc.peerreviewed | si | es_ES |
dc.identifier.doi | 10.1007/s13235-015-0177-8 | - |
dc.relation.publisherversion | http://dx.doi.org/10.1007/s13235-015-0177-8 | es_ES |
dc.rights.accessRights | info:eu-repo/semantics/restrictedAccess | es_ES |
dc.relation.projectID | info:eu-repo/grantAgreement/MINECO//ECO2012-36719 | - |
Aparece en las colecciones: | INV - Análisis Económico - Artículos de Revistas |
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2016_Maliar_DynGamesAppl_final.pdf | Versión final (acceso restringido) | 711,54 kB | Adobe PDF | Abrir Solicitar una copia |
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