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Contribution Details
| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Existence of Equilibrium in Stochastic Overlapping Generations Economies with Nonconvexities |
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| Institution | University of Zurich |
| Series Name | - |
| Number | - |
| Date | 2018 |
| Abstract Text | Non-convexities and discrete choices have become important modeling tools in modern macro-economics. Unfortunately, existence of competitive equilibria in the presence of such non-convexities is not always ensured and most results on the existence of equilibrium that can be found in the literature consider a very general model and are not directly applicable to the macro-models used in the literature. In this paper we explain the three main problems one needs to face when proving existence and give simple sufficient conditions for the existence of competitive equilibria in stochastic OLG models with discrete choices and non-convex preferences. We also consider a version of the model without aggregate uncertainty but with bankruptcy and default and prove existenceof a steady state equilibrium. |
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