Recursive Equilibria in Dynamic Economies With Stochastic Production
证明了在无限期生存主体和不完全金融市场下，随机生产经济中存在递归均衡，模型涵盖卢卡斯资产定价和随机新古典增长等特例。
In this paper we prove the existence of recursive equilibria in stochastic production economies with infinitely lived agents and incomplete financial markets. We consider a general dynamic model with several commodities, which encompasses heterogeneous agent versions of both the Lucas asset pricing model and the stochastic neo-classical growth model as special cases. Our main assumption is that there are atomless shocks to fundamentals that have a purely transitory component and a component that does not depend on last period's shocks directly.