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- W4288373503 abstract "We study a nonlinear system of partial differential equations arising in macroeconomics which utilizes a mean field approximation. This system together with the corresponding data, subject to two moment constraints, is a model for debt and wealth across a large number of similar households, and was introduced in a recent paper of Achdou, Buera, Lasry, Lions, and Moll. We introduce a relaxation of their problem, generalizing one of the moment constraints; any solution of the original model is a solution of this relaxed problem. We prove existence and uniqueness of strong solutions to the relaxed problem, under the assumption that the time horizon is small. Since these solutions are unique and since solutions of the original problem are also solutions of the relaxed problem, we conclude that if the original problem does have solutions, then such solutions must be the solutions we prove to exist. Furthermore, for some data and for sufficiently small time horizons, we are able to show that solutions of the relaxed problem are in fact not solutions of the original problem. In this way we demonstrate nonexistence of solutions for the original problem in certain cases." @default.
- W4288373503 created "2022-07-29" @default.
- W4288373503 creator A5063561103 @default.
- W4288373503 date "2019-04-12" @default.
- W4288373503 modified "2023-09-29" @default.
- W4288373503 title "Existence theory for a time-dependent mean field games model of household wealth" @default.
- W4288373503 doi "https://doi.org/10.48550/arxiv.1904.06279" @default.
- W4288373503 hasPublicationYear "2019" @default.
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