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econ.TH2019
General equilibrium in a heterogeneous-agent incomplete-market economy with many consumption goods and a risk-free bond
Bar Light
We study a pure-exchange incomplete-market economy with heterogeneous agents. In each period, the agents choose how much to save (i.e., invest in a risk-free bond), how much to con…
econ.TH2019
Mean Field Equilibrium: Uniqueness, Existence, and Comparative Statics
Bar Light, Gabriel Weintraub
The standard solution concept for stochastic games is Markov perfect equilibrium (MPE); however, its computation becomes intractable as the number of players increases. Instead, we…