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Thompson aggregators, Scott continuous Koopmans operators, and Least Fixed Point theory

Thompson aggregators, Scott continuous koopmans operators, and least fixed point theory
Authors: Robert A. Becker; Juan Pablo Rincón-Zapatero;

Thompson aggregators, Scott continuous Koopmans operators, and Least Fixed Point theory

Abstract

We reconsider the theory of Thompson aggregators proposed by Marinacci and Montrucchio (Marinacci and Montrucchio, 2010). We prove the existence of a Least Fixed Point (LFP) solution to the Koopmans equation. It is a recursive utility function. Our proof turns on demonstrating the Koopmans operator is a Scott continuous function when its domain is an order bounded subset of a space of bounded functions defined on the commodity space. Kleene's Fixed Point Theorem yields the construction of the LFP by an iterative procedure. We argue the LFP solution is the Koopmans equation's principal solution. It is constructed by an iterative procedure requiring less information (according to an information ordering) than approximations for any other fixed point. Additional distinctions between the LFP and GFP (Greatest Fixed Point) are presented. A general selection criterion for multiple solutions for functional equations and recursive methods is proposed.

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Keywords

Recursive utility, recursive utility, Least fixed point theory, Iterative procedures, Scott continuity, iterative procedures, Koopmans operator, Economía, least fixed point theory, Koopmans equation, Utility theory, Thompson aggregators

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
8
Top 10%
Average
Top 10%
Green