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Recursive Competitive Equilibrium: The Case Of Homogeneous Households

In: Theory Of Valuation

Author

Listed:
  • EDWARD C. PRESCOTT
  • RAJNISH MEHRA

Abstract

AbstractRecursive equilibrium theory is extended and generalized. Optimality of equilibria and supportability of optima are established in a direct way. Four economic applications are reformulated as recursive competitive equilibria and analyzed.

Suggested Citation

  • Edward C. Prescott & Rajnish Mehra, 2005. "Recursive Competitive Equilibrium: The Case Of Homogeneous Households," World Scientific Book Chapters,in: Theory Of Valuation, chapter 11, pages 357-371 World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789812701022_0011
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    Keywords

    Asset Pricing; Financial Theory; Valuation; Term Structure; Interest Rates; Options; Portfolios; Taxes; Transaction Costs;

    JEL classification:

    • G00 - Financial Economics - - General - - - General

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