Fixed point for local contractions: Applications to recursive utility

The paper shows how fixed‐point results for local contractions apply to the study of the existence and uniqueness of recursive utility functions defined on subsets of ℓ+∞ and being continuous for a specific topology. Two particular applications are presented that give rise to local contractions asso...

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Bibliographic Details
Published in:International journal of economic theory 2013-03, Vol.9 (1), p.23-33
Main Authors: Martins-da-Rocha, V. Filipe, Vailakis, Yiannis
Format: Article
Language:English
Subjects:
Koopmans operator
local contraction
recursive utility
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Summary:The paper shows how fixed‐point results for local contractions apply to the study of the existence and uniqueness of recursive utility functions defined on subsets of ℓ+∞ and being continuous for a specific topology. Two particular applications are presented that give rise to local contractions associated with an uncountable family of semi‐distances.
ISSN:1742-7355
1742-7363
DOI:10.1111/j.1742-7363.2013.12001.x