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Nonclassical Brock-Mirman Economies

Manjira DattaLeonard J. MirmanKevin Reffett

出版	SSRN, 2005
URL	http://books.google.com.hk/books?id=u5TizwEACAAJ&hl=&source=gbs_api

註釋

We show that monotone methods, especially, those based on lattice theory and lattice programming can produce results, e.g., on the monotonicity of the optimal programs, as well as on the existence of fixed points, consistent with the current macroeconomics literature, in the absence of continuity, differentiability and concavity. We illustrate the use and power of the lattice theory techniques in two simple and very useful models. First, the Brock-Mirman growth model is studied in a nonclassical setting. Here all the assumptions of the original model are made except that the production function is allowed to be non-concave. The second model is an extension of the Brock-Mirman model that goes beyond the planner's solution and allows for decentralized decisions in equilibrium.