Econometrica: Sep 1980, Volume 48, Issue 6

Recursive Competitive Equilibrium: The Case of Homogeneous Households

https://doi.org/0012-9682(198009)48:6<1365:RCETCO>2.0.CO;2-K
p. 1365-1379

Edward C. Prescott, Rajnish Mehra

Recursive equilibrium theory is extended and generalized. Optimality of equilibria and supportability of optima are established in a direct way. Four economic applications are reformulated as recursive competitive equilibria and analyzed.

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