发表机构
Università di Torino（都灵大学）
机构由 AI 辅助整理，请以论文原文为准。AI 中文总结
本文提出序理论不动点方法，为无界消费和非期望效用的随机递归效用建立存在性、唯一性与全局吸引性条件，并通过宏观金融应用给出可解释的参数检验。
AI 中文摘要
我们推导了随机递归效用的存在性、非存在性、唯一性和全局吸引性的充分条件。我们的方法使用抽象的序理论不动点论证，使我们能够适应一大类具有无界每期消费的马尔可夫消费增长模型和广泛的递归偏好，包括非期望效用规范。我们通过宏观金融应用来说明该框架的有用性，这些应用涉及在几种偏好规范下的广泛使用的消费增长模型，包括Epstein--Zin偏好、多重先验、平滑模糊性和Hansen--Sargent稳健控制偏好。在每个应用中，我们的一般条件简化为一个简单的、经济上可解释的参数检验，该检验显示基本参数如何影响存在性和唯一性。虽然递归效用的唯一性在无界环境中可能难以保证，但在具有非单位弹性的马尔可夫设定中，我们在具有所谓可分离性属性的递归效用类内建立了唯一性。
英文摘要
We derive sufficient conditions for the existence, non-existence, uniqueness and global attractivity of stochastic recursive utilities. Our approach uses abstract order-theoretic fixed-point arguments, allowing us to accommodate a large class of Markov consumption-growth models with unbounded per-period consumption and a broad range of recursive preferences, including non-expected utility specifications. We illustrate the usefulness of the framework through macro-finance applications to widely used consumption-growth models under several preference specifications, including Epstein--Zin preferences, multiple priors, smooth ambiguity, and Hansen--Sargent robust-control preferences. In each application, our general conditions reduce to a simple, economically interpretable parameter test that shows how fundamental parameters influence existence and uniqueness. While uniqueness of recursive utility can be difficult to guarantee in unbounded environments, in a Markov setting with non-unit elasticity we establish uniqueness within the class of recursive utilities having a so-called separability property.
Comments56 pages, including a 13-page Supplemental Appendix
