Para acceder a los documentos con el texto completo, por favor, siga el siguiente enlace: http://hdl.handle.net/10230/453

Título:	Recursive contracts
Autor/a:	Marcet, Albert; Marimon, Ramon
Otros autores:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	We obtain a recursive formulation for a general class of contractingproblems involving incentive constraints. Under these constraints,the corresponding maximization (sup) problems fails to have arecursive solution. Our approach consists of studying the Lagrangian.We show that, under standard assumptions, the solution to theLagrangian is characterized by a recursive saddle point (infsup)functional equation, analogous to Bellman's equation. Our approachapplies to a large class of contractual problems. As examples, westudy the optimal policy in a model with intertemporal participationconstraints (which arise in models of default) and intertemporalcompetitive constraints (which arise in Ramsey equilibria).
Materia(s):	-time inconsistency -recursive formulation -dynamic programming -ramsey equilibrium -participation constraint -recursive saddle points -Macroeconomics and International Economics
Derechos:	L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/
Tipo de documento:	Documento de trabajo
Compartir:

Mostrar el registro completo del ítem