This paper shows existence of approximate recursive equilibrium with minimal state space in an environment of incomplete markets. We prove that the approximate recursive equilibrium implements an approximate sequential ...

We consider a typical master equation describing thermal time-evolution. In parallel, we also consider a quasi static canonical description of the same problem. We are able to devise a way of numerically comparing these ...

This paper analyzes general equilibrium models with finite heterogeneous agents who anticipate future prices through a price expectation function with or without accuracy. I show the existence of a recursive equilibrium ...

Radner (1968) proved the existence of a competitive equilibrium for differential information economies with finitely many states. We extend this result to economies with infinitely many states of nature.

In this work we address the problem of existence and uniqueness (finiteness) of ergodic equilibrium states for partially hyperbolic diffeomorphisms isotopic to Anosov on T4, with two-dimensional center foliation. To do so ...

The paper analyzes a two period general equilibrium model with individual risk, aggregate uncertainty and moral hazard. There is a large number of households, each facing two individual states of nature in the second period. ...

We consider a wide family of non-uniformly expanding maps and hyperbolic Hölder continuous potentials. We prove that the unique equilibrium state associated to each element of this family is given by the eigenfunction of ...