全球智库信息集成服务系统(G2TT): Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w30111
来源ID	Working Paper 30111
	Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method
	Leonid Kogan; Indrajit Mitra
发表日期	2022-06-06
出版年	2022
语种	英语
摘要	We propose a general simulation-based procedure for estimating quality of approximate policies in heterogeneous-agent equilibrium models, which allows to verify that such approximate solutions describe a near-rational equilibrium. Our procedure endows agents with superior knowledge of the future path of the economy, while imposing a suitable penalty for such foresight. The relaxed problem is more tractable than the original, and results in an upper bound on agents’ welfare. Our method is general, straightforward to implement, and can be used in conjunction with various solution algorithms. We illustrate our approach in two applications: the incomplete-markets model of Krusell and Smith (1998) and the heterogeneous firm model of Khan and Thomas (2008).
主题	Econometrics ; Estimation Methods ; Microeconomics ; Mathematical Tools ; Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w30111
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587784
推荐引用方式 GB/T 7714	Leonid Kogan,Indrajit Mitra. Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method. 2022.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w30111.pdf（765KB）	智库出版物		限制开放	CC BY-NC-SA	浏览