Invariant Distributions for Monotone Markov Processes
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Invariant Distributions for Monotone Markov Processes
Published Date
1987-09
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Center for Economic Research, Department of Economics, University of Minnesota
Type
Working Paper
Abstract
The existence of fixed points for monotone maps on spaces of measures is established.
The case of monotone Markov processes is analyzed and a uniqueness and global stability
condition is developed. A comparative statics result is presented and the problem of
approximation to the invariant distribution is discussed. The conditions of the theorems
are verified for the cases of Optimal Stochastic Growth and Industry Equilibrium.
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Previously Published Citation
Hopenhayn, H.A. and Prescott, E.C., (1987), "Invariant Distributions for Monotone Markov Processes", Discussion Paper No. 242, Center for Economic Research, Department of Economics, University of Minnesota.
Suggested citation
Hopenhayn, Hugo A.; Prescott, Edward C.. (1987). Invariant Distributions for Monotone Markov Processes. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55517.
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