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Comparative Dynamics In Stochastic Models With Respect To The L∞–L∞ Duality: A Differential Approach

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  • Sato, Kenji
  • Yano, Makoto

Abstract

Many economic analyses are based on the property that the value of a commodity vector responds continuously to a change in economic environment. As is well known, however, many infinite-dimensional models, such as an infinite–time horizon stochastic growth model, lack this property. In the present paper, we investigate a stochastic growth model in which dual vectors lie in an L ∞ space. This result ensures that the value of a stock vector is jointly continuous with respect to the stock vector and its support price vector. The result is based on the differentiation method in Banach spaces that Yano [ Journal of Mathematical Economics 18 (1989), 169–185] develops for stochastic growth models.

Suggested Citation

  • Sato, Kenji & Yano, Makoto, 2012. "Comparative Dynamics In Stochastic Models With Respect To The L∞–L∞ Duality: A Differential Approach," Macroeconomic Dynamics, Cambridge University Press, vol. 16(S1), pages 127-138, April.
  • Handle: RePEc:cup:macdyn:v:16:y:2012:i:s1:p:127-138_00
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