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Existence and Uniqueness of a Fixed Point for Local Contractions

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  • V. Filipe Martins-da-Rocha
  • Yiannis Vailakis

Abstract

This paper proves the existence and uniqueness of a fixed point for local contractions without assuming the family of contraction coefficients to be uniformly bounded away from 1. More importantly it shows how this fixed-point result can apply to study the existence and uniqueness of solutions to some recursive equations that arise in economic dynamics. Copyright 2010 The Econometric Society.

Suggested Citation

  • V. Filipe Martins-da-Rocha & Yiannis Vailakis, 2010. "Existence and Uniqueness of a Fixed Point for Local Contractions," Econometrica, Econometric Society, vol. 78(3), pages 1127-1141, May.
  • Handle: RePEc:ecm:emetrp:v:78:y:2010:i:3:p:1127-1141
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    References listed on IDEAS

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    1. Juan Pablo RincÛn-Zapatero & Carlos RodrÌguez-Palmero, 2003. "Existence and Uniqueness of Solutions to the Bellman Equation in the Unbounded Case," Econometrica, Econometric Society, vol. 71(5), pages 1519-1555, September.
    2. Janusz Matkowski & Andrzej Nowak, 2011. "On discounted dynamic programming with unbounded returns," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(3), pages 455-474, April.
    3. Juan Rincón-Zapatero & Carlos Rodríguez-Palmero, 2007. "Recursive utility with unbounded aggregators," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 33(2), pages 381-391, November.
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