Recursive Competitive Equilibrium in Multi-sector Economies
This paper extends the theory of recursive competitive equilibrium developed by Mehra and Prescott (1980) to a class of multisector economies in which mobility is costly. By introducing l otteries into the consumption sets of individuals, it is shown that e quilibrium allocations can be obtained as the solution to a recursive programming problem. The Lucas and Prescott (1974) search environmen t is a special case of the environment studied here. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 29 (1988)
Issue (Month): 3 (August)
|Contact details of provider:|| Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297|
Phone: (215) 898-8487
Fax: (215) 573-2057
Web page: http://www.econ.upenn.edu/ier
More information through EDIRC
|Order Information:|| Web: http://www.blackwellpublishing.com/subs.asp?ref=0020-6598 Email: |