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Invariant Distributions for Monotone Markov Processes

Hopenhayn, Hugo A.
Prescott, Edward C.
1987-09
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Invariant Distributions for Monotone Markov Processes

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1987-09

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Center for Economic Research, Department of Economics, University of Minnesota

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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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Center for Economic Research Discussion Papers

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Discussion Paper
242

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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.

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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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