Destruction, Alteration, Simples and World-Stuff

When a tree is chopped to bits, or a sweater unraveled, its matter still exists. Since antiquity, it has sometimes been inferred that nothing really has been destroyed: what has happened is just that this matter has assumed new form. Contemporary versions hold that apparent destruction of a familiar object is just rearrangement of microparticles or of 'physical simples' or 'world stuff'. But if destruction of a familiar object is genuinely to be reduced to mere alteration of something else, we must identify an alternation proper to the career, the course of existence, of this something else; relatedly, the alteration must be characterizable without asserting the existence of the familiar object. All contemporary views fail one of these requirements.

On the Existence and Characterization of Markovian Equilibrium in Models with Simple Non-Paternalistic Altruism

This paper provides sufficient conditions for existence of Markovian equilibrium in models with non-paternalistic altruism extending to one generation ahead. When utility is non-separable, we show that each equilibrium savings policy correspondence is increasing everywhere and single-valued, except perhaps on a countable number of points. It is also upper hemi-continuous where it is single valued. When utility is separable, we show that the equilibrium is unique, increasing, and continuous, and we provide an algorithm converging uniformly to the equilibrium.

Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies

In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in the the state space is unbounded. Important examples of such economies are single vector growth models with production externalities, valued fiat money, monopolistic competition, and/or distortionary government taxation. Although sufficient conditions for existence and uniqueness of Markovian equilibrium are well known for the compact state space case, no similar sufficient conditions exist for unbounded growth. This paper provides such a set of sufficient conditions, and also present a computational algorithm that will prove asymptotically consistent when computing Markovian equilibrium.