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Stationary Markov Equilibria


  • Duffie, Darrell, et al


Conditions are established under which there are equilibria (in various settings) described by ergodic Markov processes with a Borel state space S. Let [Rho](S) denote the probability measures on S, and let s [approaching] G(s) [is a subset of] [Rho](S) be a (possibly empty-valued) correspondence with closed graph. A non-empty measurable set J [is a subset of] S is self-justified if G(s) [intersects] [Rho](J) is not empty for all s [an element of] J. A Time-Homogeneous Markov Equilibrium (THME) for G is a self-justified set J and a measurable selection II: J [approaching] [Rho] (J) from the restriction of G to J. The paper gives sufficient conditions for existence of compact self-justified sets, and applies the theorem: If G is convex-valued and has a compact self-justified set, then G has an THME with an ergodic measure. Coauthors are J. Geanakoplos, A. Mas-Colell, and A. McLennan. Copyright 1994 by The Econometric Society.

Suggested Citation

  • Duffie, Darrell, et al, 1994. "Stationary Markov Equilibria," Econometrica, Econometric Society, vol. 62(4), pages 745-781, July.
  • Handle: RePEc:ecm:emetrp:v:62:y:1994:i:4:p:745-81

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    References listed on IDEAS

    1. Diwan, Ishac & Rodrik, Dani, 1991. "Patents, appropriate technology, and North-South trade," Journal of International Economics, Elsevier, vol. 30(1-2), pages 27-47, February.
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    3. Mansfield, Edwin & Schwartz, Mark & Wagner, Samuel, 1981. "Imitation Costs and Patents: An Empirical Study," Economic Journal, Royal Economic Society, vol. 91(364), pages 907-918, December.
    4. Keith Maskus, 1998. "The international regulation of intellectual property," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 134(2), pages 186-208, June.
    5. Diamond, Peter A., 1980. "An alternative to steady-state comparisons," Economics Letters, Elsevier, vol. 5(1), pages 7-9.
    6. Feinberg, Robert M & Rousslang, Donald J, 1990. "The Economic Effects of Intellectual Property Right Infringements," The Journal of Business, University of Chicago Press, vol. 63(1), pages 79-90, January.
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