A Simple optimality-based no-bubble theorem for deterministic sequential economies with strictly monotone preferences

• 上東, 貴志

抄録

We establish a simple no-bubble theorem that applies to a wide range of deterministic sequential economies with infinitely lived agents. In particular, we show that asset bubbles never arise if at least one agent can reduce his asset holdings permanently from some period onward. Our no-bubble theorem is based on the optimal behavior of a single agent, requiring virtually no assumption beyond the strict monotonicity of preferences. The theorem is a substantial generalization of Kocherlakota's (1992) result on asset bubbles and short sales constraints.

収録刊行物

• Mathematical Social Sciences

  Mathematical Social Sciences 91 36-41, 2018-01

  Elsevier B.V.

キーワード

• Statistics, Probability and Uncertainty
• General Psychology
• General Social Sciences
• Sociology and Political Science

詳細情報

• CRID: 1050294045370191616
• NII論文ID: 120006414032
• DOI: 10.1016/j.mathsocsci.2017.10.006
• ISSN: 18793118
• ISSN: 01654896
• HANDLE: 20.500.14094/90004691
• Web Site: https://api.elsevier.com/content/article/PII:S0165489616301019?httpAccept=text/xml
• Web Site: https://api.elsevier.com/content/article/PII:S0165489616301019?httpAccept=text/plain
• 本文言語コード: en
• 資料種別: journal article
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