Capital Theory Equilibrum Analysis and Recursive Utility / Edition 1

Hardcover (Print)
Buy New
Buy New from BN.com
$112.18
Used and New from Other Sellers
Used and New from Other Sellers
from $114.29
Usually ships in 1-2 business days
(Save 17%)
Other sellers (Hardcover)
  • All (4) from $114.29   
  • New (3) from $114.29   
  • Used (1) from $120.63   

Overview

In Capital Theory and Equilibrium Analysis and Recursive Utility, Robert Becker and John Boyd have synthesized their previously unpublished work on recursive models.

Read More Show Less

Product Details

  • ISBN-13: 9781557864130
  • Publisher: Wiley
  • Publication date: 7/14/1997
  • Edition number: 1
  • Pages: 368
  • Product dimensions: 6.30 (w) x 9.33 (h) x 1.29 (d)

Table of Contents

List of Examples.

Preface.

Part I: The Recursive Utility Approach:.

1. Introduction.

2. What is a Recursive Utility Function?.

3. Why Study Recursive Utility?.

3.1. The Long Run Incidence of Capital Taxation. The Tax Model. Tax Incidence with the TAS Specification. Tax Incidence With the Epstein-Hynes Utility Specification.

3.2. The Impatience Problem. The Impatience Problem with an Epstein-Hynes Utility Function.

4. Recursive Utility and Commodity Spaces.

4.1 Diminishing Returns and Bounded Growth.

4.2 Nondecreasing Returns and Sustained Growth. Growth and Exogenous Technical Progress. Endogenous Growth Models.

4.3. Order Structures. Weak Separability of the Future from the Present. Partial Orders on the Commodity Space.

5. Conclusion.

Part II: Commodity and Price Spaces:.

1. Introduction.

2. Commodity Spaces.

2.1. Order Properties. Free Disposal.

2.2 Topological Properties. Metric Spaces. Continuity. Compactness, Product Spaces, and the Tychonoff. Theorem. Connectedness.

2.3. Linear Topologies. Order Convergence. Contraction Mapping Theorems.

3. Commodity Price Dualities.

3.1. Duals and Hyperplanes.

3.2. Hahn-Banach Theorems.

3.3. Dual Pairs and Weak Topologies.

3.4. Order Duals.

4. Conclusion.

Part III: Representation of Recursive Preferences:.

1. Introduction.

2. Preference Orders and Utility Theory.

3. Recursive Utility: The Koopmans Axioms.

3.1. The Axioms.

3.2. Biconvergence.

3.3. Recursive Preferences and Myopia.

4. Impatience, Discounting and Myopia.

4.1. Impatience and Time Perspective.

4.2. Myopia and the Continuity Axiom.

4.3. The Norm of Marginal Impatience Conditions.

5. Recursive Utility: The Aggregator.

5.1. Basic Properties of the Aggregator.

5.2. The Existence of Recursive Utility.

5.3. Aggregators Bounded From Below.

5.4. Unbounded Aggregators.

6. Conclusion.

Part IV: Existence and Characterization of Optimal Paths:.

1. Introduction.

2. Fundamentals of Existence Theory.

2.1. A Simple Capital Accumulation Model.

2.2. The Weierstrass Theorem.

2.3. One-Sector TAS Existence Theory.

2.4. Extended Utilitarianism.

3. Multisector Capital Accumulation Model.

3.1. The von Neumann and Malinvaud Models.

3.2. The Feasible Correspondence.

4. The Existence and Sensitivity of Optimal Paths.

4.1. The Maximum Theorem.

4.2. Optimal Paths.

5. Recursive Dynamic Programming.

5.1. Dynamic Programming with TAS Utility.

5.2. Recursive Utility and Multisector Models.

5.3. Dynamic Programming and Extended Utilitarianism.

6. Characterization of Optimal Paths.

6.1. No-Arbitrage Conditions.

6.2. Complete Characterization of Optimal Paths.

7. Conclusion.

Part V:.

1. Introduction.

2. One-Sector Models.

2.1. Stationary States in One-Sector Models.

2.2. Monotonicity and Turnpikes in TAS Models.

2.3. Monotonocity and Turnpikes in Recursive Models.

2.4. Growing Economies.

3. Steady States in Multisectoral Models.

3.1. Stationary Optimal Programs for Additive Utility.

3.2. Stationary Optimal Programs for Recursive Utility.

4. Stability of Multisectoral Models.

4.1. The Undiscounted Model.

4.2. The Visit Lemma.

4.3. Uniqueness of Steady States.

4.4. Local and Global Stability.

5. Cycles and Chaos in Optimal Growth.

5.1. The Existence of Cycles.

5.2. Chaotic Dynamics.

6. Conclusion.

Part VI: Equivalence Principles and Dynamic Equilibria:.

1. Introduction.

2. Equivalence Principles for One-Sector Models.

2.1. The Perfect Foresight Equivalence Theorem. Perfect Foresight Competitive Equilibrium. The PFCE Equivalence Principle.

2.2. The Fisher Equivalence Theorem.

2.3. The Equivalence Theorem and the Transversality Condition.

2.4. Recursive Competitive Equilibrium and Recursive Utility.

3. Multisector Equivalence Principles.

3.1. The Portfolio Equilibrium Condition.

3.2. The Two-Sector Model's Equivalence Theorem. The Household Sector. The Production Sector. The Transformation Function. Perfect Foresight Equilibrium. The Optimal Growth Problem. The Equivalence Theorem.

3.3. Dynamics and The Two-Sector Model's Equivalence Theorem.

4. The Transversality Condition and the Hahn Problem.

5. Conclusion.

Part VII: Comparative Dynamics:.

1. Introduction.

2. The Reduced-Form TAS Model.

2.1. Comparative Dynamics.

2.2. Comparative Dynamics for Oscillating Programs.

2.3. Comparative Dynamics and Capital Income Tax Reform.

3. A Primer of Lattice Programming.

3.1. More About Lattices.

3.2. An Introduction to Monotone Comparative Statistics.

3.3. Topkis's Theorems.

4. Lattice Programming and the Reduced-Form TAS Model.

4.1. The Monotonicity of Optimal Capital Policy Function.

4.2. The Capital Deepening Theorem.

5. Recursive Utility Models.

5.1. Recursive Utility, Monotonicity and Lattice Programming.

5.2. Increasing Impatience and Recursive Utility.

5.3. Capital Deepening and Recursive Utility.

6. Conclusion.

Part VIII: Dynamic Competitive Equilibrium:.

1. Introduction.

2. Dynamic Economies.

2.1. Existence of Pareto Optima.

3. The Core.

3.1. Existence of Core Allocations.

3.2. Edgeworth Equilibria.

4. The Core and Competitive Equilibrium.

4.1. Core Equivalence.

4.2. The Welfare Theorems.

4.3. Representation of Equilibrium as Welfare Maximum.

5. Models with Very Heterogeneous Discounting.

5.1. Core Equivalence with Heterogeneous Discounting.

5.2. Specialization to Recursive Utility.

6. Conclusion.

References.

Index.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)