Abstract

http://ssrn.com/abstract=1647883
 
 

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Recursive Allocations and Wealth Distribution with Multiple Goods: Existence, Survivorship, and Dynamics


Riccardo Colacito


University of North Carolina Kenan-Flagler Business School

Mariano Massimiliano Croce


University of North Carolina Kenan-Flagler Business School

May 16, 2014


Abstract:     
We characterize the equilibrium of a complete markets economy with multiple agents featuring a preference for the timing of the resolution of uncertainty. Utilities are defined over an aggregate of two goods. We provide conditions under which the solution of the planner's problem exists and it features a non-degenerate invariant distribution of Pareto weights. We also show that perturbation methods replicate the salient features of our recursive risk-sharing scheme, provided that higher order terms are included.

Number of Pages in PDF File: 39

JEL Classification: C62, F37, G1

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Date posted: July 23, 2010 ; Last revised: May 17, 2014

Suggested Citation

Colacito, Riccardo and Croce, Mariano Massimiliano, Recursive Allocations and Wealth Distribution with Multiple Goods: Existence, Survivorship, and Dynamics (May 16, 2014). Available at SSRN: http://ssrn.com/abstract=1647883 or http://dx.doi.org/10.2139/ssrn.1647883

Contact Information

Riccardo Colacito
University of North Carolina Kenan-Flagler Business School ( email )
Kenan-Flagler Business School
Chapel Hill, NC 27599-3490
United States
HOME PAGE: http://www.unc.edu/~colacitr

Mariano Massimiliano Croce (Contact Author)
University of North Carolina Kenan-Flagler Business School ( email )
Chapel Hill, NC 27599-3490
HOME PAGE: http://homepages.nyu.edu/~mmc287

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