Approximate versus Exact Equilibria in Dynamic Economies
为动态随机一般均衡模型中近似均衡的误差分析提供理论基础，通过例子说明近似均衡可能与精确均衡相差甚远，并将近似均衡解释为邻近经济的均衡。
This paper develops theoretical foundations for an error analysis of approximate equilibria in dynamic stochastic general equilibrium models with heterogeneous agents and incomplete financial markets. While there are several algorithms that compute prices and allocations for which agents' first-order conditions are approximately satisfied ("approximate equilibria"), there are few results on how to interpret the errors in these candidate solutions and how to relate the computed allocations and prices to exact equilibrium allocations and prices. We give a simple example to illustrate that approximate equilibria might be very far from exact equilibria. We then interpret approximate equilibria as equilibria for close-by economies; that is, for economies with close-by individual endowments and preferences. Copyright The Econometric Society 2005.