Lukasz Balbus

Learn More
We introduce a new class of infinite horizon altruistic stochastic OLG model with capital and labor, but without commitment between the generations. Under mild regularity conditions, for economies with both bounded and unbounded state spaces, continuous monotone Markov perfect Nash equilibrium (MPNE) are shown to exist, and form an antichain in pointwise(More)
We study a class of discounted infinite horizon stochastic games with strategic complementarities. Using monotone operators on the space of values and strategies, we prove existence of a Stationary Markov Nash equilibrium under different set of assumptions than Curtat (1996), Amir (2002, 2005) or Nowak (2007) via constructive methods. In addition, we(More)
We provide sufficient conditions for existence and uniqueness of a monotone, Lipschitz continuous Markov stationary Nash equilibrium (MSNE) and implied invariant distribution in a class of intergenerational paternalistic altruism models with stochastic production. Our methods are constructive, and emphasize both order-theoretic and geometrical properties of(More)
We study the question of existence and computation of time-consistent Markov policies of quasi-hyperbolic consumers under a stochastic transition technology in a general class of economies with multidimensional action spaces and uncountable state spaces. Under standard complementarity assumptions on preferences, as well as a mild geometric condition on a(More)
We study a class of discounted, infinite horizon stochastic games with public and private signals and strategic complementarities. Using monotone operators defined on the function space of values and strategies (equipped with a product order), we prove existence of a stationary Markov–Nash equilibrium via constructive methods. In addition, we provide(More)
We study equilibrium in large games of strategic complementarities (GSC) with a differential information and continuum of players. For our game, we define an appropriate notion of distributional Bayesian-Nash equilibrium in the sense of Mas-Colell (1984), and prove its existence. Further, we characterize the order-theoretic properties of the equilibrium(More)
We study an altruistic growth model with production uncertainty viewed as an inter-generational stochastic game. Each generation derives utility from its own consumption and consumption of all successors. The existence of stationary Markov perfect equilib-ria is proved under general assumptions on utility functions for the generations and for non-atomic(More)
We study the existence and computation of equilibrium in large games with strategic complementarities. Importantly, our class of games allows to analyze economic problems without any aggregative structure. Using monotone operators (in stochastic dominance orders) defined on the space of distributions, we first prove existence of the greatest and least(More)