EXISTENCE OF STATIONARY EQUILIBRIUM IN AN INCOMPLETE‐MARKET MODEL WITH ENDOGENOUS LABOR SUPPLY
研究了内生劳动供给下的收入波动问题，证明了当贴现因子小于资产回报率时财富几乎必然发散或收敛，并进一步证明了不完全市场模型中平稳一般均衡的存在性、唯一性和稳定性。
Abstract In this article, I first study an income fluctuation problem with endogenous labor supply. Let β be the agent's time discount factor and be the constant gross rate of return on assets. For , I show that the agent's wealth either approaches infinity almost surely or converges to a finite level almost surely. For , I prove the existence, uniqueness, and stability of the stationary distribution of state variables. I then show the existence of the stationary general equilibrium in an incomplete‐market model with endogenous labor supply.