Description

• Title:
  Markov perfect equilibria in OLG models with risk sensitive agents
• Creator:
  Balbus, Łukasz
• Description:
  In this paper, we present an overlapping generation model (OLG for short) of resource extraction with a random production function and an altruism having both paternalistic and non-paternalistic features. All generations are risk-sensitive with a constant coefficient of absolute risk aversion. The preferences are represented by a possibly dynamic inconsistent dynamic recursive utility function with non-cooperating generations. Under general conditions on the aggregator and transition probability, we examine the existence and the uniqueness of a recursive utility function and the existence of a stationary mixed Markov Perfect Nash Equilibria.
• Object availability:
  free access
• Rights:
  Prawa autorskie (c) 2019 Topological Methods in Nonlinear Analysis
• Date:
  2019.02.24
• Type:
  info:eu-repo/semantics/article;
  info:eu-repo/semantics/publishedVersion;
  Recenzowany artykuł
• Language:
  English
• Source:
  Topological Methods in Nonlinear Analysis; Vol 53, No 1 (March 2019); 309 - 333;
  1230-3429
• Publisher:
  Nicolaus Copernicus University in Toruń
• Relation: https://apcz.umk.pl/TMNA/article/view/TMNA.2019.016/16901 ;https://apcz.umk.pl/TMNA/article/view/TMNA.2019.016/16902
• Subject:
  Overlapping generation models;
  recursive utility;
  non-paternalistic altruism;
  paternalistic altruism;
  risk sensitivity;
  local contractions;
  60B11;
  90C39;
  91A35;
  47H10
• Identifier: https://apcz.umk.pl/TMNA/article/view/TMNA.2019.016
• Data provider:
  Akademicka Platforma Czasopism
• Can I use it?:
  seek permission
• Type:
  other