Uniqueness of equilibrium in a Bewley–Aiyagari model

Bar Light*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

12 Scopus citations


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 languageEnglish
Pages (from-to)435-450
Number of pages16
JournalEconomic Theory
Issue number2
StatePublished - 1 Mar 2020
Externally publishedYes


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


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