52 citations · 119 across the 24 of their papers we have counts for
6 papers · 1 filter
Dynamic Optimal Choice When Rewards are Unbounded Below
Qingyin Ma, John Stachurski
We propose a new approach to solving dynamic decision problems with rewards that are unbounded below. The approach involves transforming the Bellman equation in order to convert an…
Firm Entry and Exit with Unbounded Productivity Growth
John Stachurski
In Hopenhayn's (1992) entry-exit model productivity is bounded, implying that the predicted firm size distribution cannot match the power law tail observable in the data. In this p…
Stability of Equilibrium Asset Pricing Models: A Necessary and Sufficient Condition
Jaroslav Borovicka, John Stachurski
We obtain an exact necessary and sufficient condition for the existence and uniqueness of equilibrium asset prices in infinite horizon, discrete-time, arbitrage free environments.…
Coase Meets Bellman: Dynamic Programming for Production Networks
Tomoo Kikuchi, Kazuo Nishimura, John Stachurski +1
We show that competitive equilibria in a range of models related to production networks can be recovered as solutions to dynamic programs. Although these programs fail to be contra…
Dynamic Programming with State-Dependent Discounting
John Stachurski, Junnan Zhang
This paper extends the core results of discrete time infinite horizon dynamic programming to the case of state-dependent discounting. We obtain a condition on the discount factor p…
The Income Fluctuation Problem and the Evolution of Wealth
Qingyin Ma, John Stachurski, Alexis Akira Toda
We analyze the household savings problem in a general setting where returns on assets, non-financial income and impatience are all state dependent and fluctuate over time. All thre…