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On Endogenous Compactness of the Individual State Space in the Huggett Model

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  • Timothy Kam

Abstract

One of the sufficient conditions for existence and uniqueness of a stationary distribution of agents in the Huggett [1993] model is the requirement that the space of individual states be a compact metric space. In this note, we reinforce the proof of Lemma 3 in Huggett [1993] by showing that two additional contrary hypotheses must first be ruled out, toward the construction of the proof that the individual state space is endogenously compact.

Suggested Citation

  • Timothy Kam, 2010. "On Endogenous Compactness of the Individual State Space in the Huggett Model," ANU Working Papers in Economics and Econometrics 2010-513, Australian National University, College of Business and Economics, School of Economics.
    • Handle: RePEc:acb:cbeeco:2010-513
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    File URL: https://www.cbe.anu.edu.au/researchpapers/econ/wp513.pdf
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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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