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New Results in Recursive Contract Theory

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  • Ramon Marimon

    (European University Institute and UPF-BarcelonaGSE)

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    Abstract

    Presentation of some new results showing how, under very general conditions, the recursive saddle-point method, pioneered by Marcet and Marimon, delivers the appropriate solution for contracting problems with intertemporal incentive constraints, with or without unique solutions. These results summarize work from: Marimon and Marcet "Recursive Contracts" (2011) and Marimon, Messner and Pavoni "Solving Recursive Contracts with Non-unique Solutions" (2011), as well as from ongoing work with Jan Werner: "On the Envelope Theorem without Differentiability" (2010).

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    File URL: http://www.economicdynamics.org/meetpapers/2011/paper_752.pdf
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    Bibliographic Info

    Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 752.

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    Date of creation: 2011
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    Handle: RePEc:red:sed011:752

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    1. Albert Marcet & Thomas J. Sargent & Juha Seppala, 1996. "Optimal taxation without state-contingent debt," Economics Working Papers 170, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2001.
    2. Nicola Pavoni & Ramon Marimon & Matthias Messner, 2005. "On the Recursive Saddle Point Method," 2005 Meeting Papers 294, Society for Economic Dynamics.
    3. Juha Seppala, 2000. "Asset Prices And Business Cycles Under Limited Commitment," Computing in Economics and Finance 2000 319, Society for Computational Economics.
    4. Abraham, Arpad & Pavoni, Nicola, 2004. "Efficient Allocations with Moral Hazard and Hidden Borrowing and Lending," Working Papers 04-05, Duke University, Department of Economics.
    5. Ezra Friedman, 1998. "Risk Sharing and the Dynamics of Inequality," Discussion Papers 1235, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    6. Lars Ljungqvist & Thomas J. Sargent, 2004. "Recursive Macroeconomic Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 026212274x.
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