| Autor: |
Balbus, Łukasz, Dziewulski, Paweł, Reffett, Kevin, Woźny, Łukasz |
| Předmět: |
|
| Zdroj: |
Theoretical Economics; May2022, Vol. 17 Issue 2, p725-762, 38p |
| Abstrakt: |
We present a new approach to studying equilibrium dynamics in a class of stochastic games with a continuum of players with private types and strategic complementarities. We introduce a suitable equilibrium concept, called Markov Stationary Nash Distributional Equilibrium (MSNDE), prove its existence, and determine comparative statics of equilibrium paths and the steady‐state invariant distributions to which they converge. Finally, we provide numerous applications of our results including: dynamic models of growth with status concerns, social distance, and paternalistic bequests with endogenous preferences for consumption. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
|
Plný text