Comparing Recursive Equilibrium in Economies with Dynamic Complementarities and Indeterminacy

On the nonexistence of recursive equilibrium in stochastic OLG economies

Economic Theory ◽

10.1007/s00199-007-0298-4 ◽

2007 ◽

Vol 37 (3) ◽

pp. 417-437 ◽

Cited By ~ 4

Author(s):

Alessandro Citanna ◽

Paolo Siconolfi

Keyword(s):

Recursive Equilibrium

Assessment of model validation outcomes of a new recursive spatial equilibrium model for the Greater Beijing

Environment and Planning B Urban Analytics and City Science ◽

10.1177/2399808317732575 ◽

2017 ◽

Vol 46 (5) ◽

pp. 805-825 ◽

Cited By ~ 1

Author(s):

Li Wan ◽

Ying Jin

Keyword(s):

Model Validation ◽

Equilibrium Model ◽

Expert Assessment ◽

Model Parameters ◽

Multiple Time ◽

Spatial Equilibrium ◽

Beijing City ◽

Spatial Equilibrium Model ◽

Recursive Equilibrium ◽

Validation Strategy

Robust calibration and validation of applied urban models are prerequisites for their successful, policy-cogent use. This is particularly important today when expert assessment is questioned and closely scrutinized. This paper proposes a new model calibration-validation strategy based on a spatial equilibrium model that incorporates multiple time horizons, such that the predictive capabilities of the model can be empirically tested. The model is implemented for the Greater Beijing city region and the model validation strategy is demonstrated over the Census years 2000 to 2010. Through forward/backward forecasting, the model validation helps to verify the stability of the model parameters as well as the predictive capabilities of the recursive equilibrium framework. The proposed modelling strategy sets a new standard for verifying and validating recursive equilibrium models. We also consider the wider implications of the approach.

Recursive Equilibrium in Stochastic Overlapping-Generations Economies

Econometrica ◽

10.3982/ecta7219 ◽

2010 ◽

Vol 78 (1) ◽

pp. 309-347 ◽

Cited By ~ 14

Keyword(s):

Overlapping Generations ◽

Recursive Equilibrium

Which recursive equilibrium?

Proceedings of the Behavioral and Quantitative Game Theory on Conference on Future Directions - BQGT '10 ◽

10.1145/1807406.1807430 ◽

2010 ◽

Author(s):

Manjira Datta ◽

Leonard J. Mirman ◽

Olivier F. Morand ◽

Kevin Reffett

Keyword(s):

Recursive Equilibrium