Capital Theory Equilibrum Analysis and Recursive Utility - John (Univeristy of Rochester) Boyd

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Résumé :
In Capital Theory and Equilibrium Analysis and Recursive Utility, Robert Becker and John Boyd have synthesized their previously unpublished work on recursive models....

Biographie:

Robert Becker is the author of Capital Theory Equilibrum Analysis and Recursive Utility, published by Wiley. John Boyd is the author of Capital Theory Equilibrum Analysis and Recursive Utility, published by Wiley....

Sommaire:
List of Examples.

Preface.

Part I: The Recursive Utility Approach:.

1. Introduction.

2. What is a Recursive Utility Function?.

3. Why Study Recursive Utility?.

3.1. The Long Run Incidence of Capital Taxation. The Tax Model. Tax Incidence with the TAS Specification. Tax Incidence With the Epstein-Hynes Utility Specification.

3.2. The Impatience Problem. The Impatience Problem with an Epstein-Hynes Utility Function.

4. Recursive Utility and Commodity Spaces.

4.1 Diminishing Returns and Bounded Growth.

4.2 Nondecreasing Returns and Sustained Growth. Growth and Exogenous Technical Progress. Endogenous Growth Models.

4.3. Order Structures. Weak Separability of the Future from the Present. Partial Orders on the Commodity Space.

5. Conclusion.

Part II: Commodity and Price Spaces:.

1. Introduction.

2. Commodity Spaces.

2.1. Order Properties. Free Disposal.

2.2 Topological Properties. Metric Spaces. Continuity. Compactness, Product Spaces, and the Tychonoff. Theorem. Connectedness.

2.3. Linear Topologies. Order Convergence. Contraction Mapping Theorems.

3. Commodity Price Dualities.

3.1. Duals and Hyperplanes.

3.2. Hahn-Banach Theorems.

3.3. Dual Pairs and Weak Topologies.

3.4. Order Duals.

4. Conclusion.

Part III: Representation of Recursive Preferences:.

1. Introduction.

2. Preference Orders and Utility Theory.

3. Recursive Utility: The Koopmans Axioms.

3.1. The Axioms.

3.2. Biconvergence.

3.3. Recursive Preferences and Myopia.

4. Impatience, Discounting and Myopia.

4.1. Impatience and Time Perspective.

4.2. Myopia and the Continuity Axiom.

4.3. The Norm of Marginal Impatience Conditions.

5. Recursive Utility: The Aggregator.

5.1. Basic Properties of the Aggregator.

5.2. The Existence of Recursive Utility.

5.3. Aggregators Bounded From Below.

5.4. Unbounded Aggregators.

6. Conclusion.

Part IV: Existence and Characterization of Optimal Paths:.

1. Introduction.

2. Fundamentals of Existence Theory.

2.1. A Simple Capital Accumulation Model.

2.2. The Weierstrass Theorem.

2.3. One-Sector TAS Existence Theory.

2.4. Extended Utilitarianism.

3. Multisector Capital Accumulation Model.

3.1. The von Neumann and Malinvaud Models.

3.2. The Feasible Correspondence.

4. The Existence and Sensitivity of Optimal Paths.

4.1. The Maximum Theorem.

4.2. Optimal Paths.

5. Recursive Dynamic Programming.

5.1. Dynamic Programming with TAS Utility.

5.2. Recursive Utility and Multisector Models.

5.3. Dynamic Programming and Extended Utilitarianism.

6. Characterization of Optimal Paths.

6.1. No-Arbitrage Conditions.

6.2. Complete Characterization of Optimal Paths.

7. Conclusion.

Part V:.

1. Introduction.

2. One-Sector Models.

2.1. Stationary States in One-Sector Models.

2.2. Monotonicity and Turnpikes in TAS Models.

2.3. Monotonocity and Turnpikes in Recursive Models.

2.4. Growing Economies.

3. Steady States in Multisectoral Models.

3.1. Stationary Optimal Programs for Additive Utility.

3.2. Stationary Optimal Programs for Recursive Utility.

4. Stability of Multisectoral Models.

4.1. The Undiscounted Model.

4.2. The Visit Lemma.

4.3. Uniqueness of Steady States.

4.4. Local and Global Stability.

5. Cycles and Chaos in Optimal Growth.

5.1. The Existence of Cycles.

5.2. Chaotic Dynamics.

6. Conclusion.

Part VI:...