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| Author: | Duffie, D. |
| Title: | Stationary Markov equilibria |
| Journal: | Econometrica
1994 : JUL, VOL. 62:4, p. 745-782 |
| Index terms: | EQUILIBRIUM THEORY STOCHASTIC GAMES OVERLAPPING-GENERATIONS MODELS ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | The authors establish conditions which (in various settings) guarantee the existence of equilibria described by ergodic Markov processes with a Borel state space S. This paper gives sufficient reasons for the existence of compact self-justified sets, and applies the theorem: If G is convex-valued and has a compact self-justified set, then G has a time-homogeneous Markov equilibrium with an ergodic measure. The applications are discussed. |
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