Uniqueness of equilibrium in a Bewley–Aiyagari model

Bar Light

doi:10.1007/s00199-018-1167-z

Uniqueness of equilibrium in a Bewley–Aiyagari model

Bar Light^*

^*Corresponding author for this work

Stanford University

Research output: Contribution to journal › Article › peer-review

15 Scopus citations

Abstract

I establish the uniqueness of a stationary equilibrium in a Bewley–Aiyagari model when the agents’ utility function exhibits constant relative risk aversion bounded above by 1 and the production function exhibits a certain gross substitute property.

Original language	English
Pages (from-to)	435-450
Number of pages	16
Journal	Economic Theory
Volume	69
Issue number	2
DOIs	https://doi.org/10.1007/s00199-018-1167-z
State	Published - 1 Mar 2020
Externally published	Yes

Keywords

Aggregate savings
Bewley–Aiyagari model
Stationary equilibrium
Uniqueness of equilibrium
heterogeneous agents

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10.1007/s00199-018-1167-z

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title = "Uniqueness of equilibrium in a Bewley–Aiyagari model",

abstract = "I establish the uniqueness of a stationary equilibrium in a Bewley–Aiyagari model when the agents{\textquoteright} utility function exhibits constant relative risk aversion bounded above by 1 and the production function exhibits a certain gross substitute property.",

keywords = "Aggregate savings, Bewley–Aiyagari model, Stationary equilibrium, Uniqueness of equilibrium, heterogeneous agents",

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Uniqueness of equilibrium in a Bewley–Aiyagari model

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Keywords

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