Electronic Resource
Springer
Journal of optimization theory and applications
88 (1996), S. 433-451
ISSN:
1573-2878
Keywords:
Functional differential equations
;
dynamic economic models
;
fixed-point theorem
Source:
Springer Online Journal Archives 1860-2000
Topics:
Mathematics
Notes:
Abstract The Scheinkman-Weiss model and later works by Conze-Lasry-Scheinkman provide insights on cycles and correlations of economies with incomplete markets, namely with borrowing constraints. This work gives a mathematical solution in the case of high relative risk aversion, which has not yet been solved. The existence of an equilibrium results from the solution of a system of nonlinear functional differential equations. High risk aversion leads to new mathematical difficulties, not present in previous papers on this subject.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF02192179
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