Notes on sequence economies, transaction costs, and uncertainty

Article Abstract:

An analysis is made of some of the epistemic questions pertaining to the conditions of essentiality in sequence economies. Sequence economies are those with trade at every date and state and where agents are saddled with more than one budget constraint. The study analyzes, in particular, the impact of transaction costs and their absence on such economies and speculates on the notion of endogenous uncertainty in sequence economies.

Economics, Research and Development in the Social Sciences and Humanities, Research, Case studies, Stocks, Economic research, Securities, Business enterprises, Uncertainty (Information theory)

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Dynamic programming solution of incentive constrained problems

Article Abstract:

Incentive constrained problems may be formulated as dynamic programming statements by showing that the value function for the problem is a fixed point of an appropriately defined operator. The constraint requires the continuation value of a chosen sequence to be larger than some prescribed function of state, control or both thus standard arguments based on contraction principles do not apply.

Research and Development in the Physical, Engineering, and Life Sciences, Statistics, Methods, Analysis, Statistics (Data), Incentives (Business), Dynamic programming, Statistics (Mathematics)

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