Fixed points of functors

Abstract

This is a survey on fixed points of endofunctors, including initial algebras and terminal coalgebras. We also consider the rational fixed point, a canonical domain of behavior for finitely presentable systems. In addition to the basic existence theorems for fixed points, several new results are presented. For example, the Smyth–Plotkin theorem that locally continuous endofunctors of DCPO have terminal coalgebras is derived from a new result stating that every locally monotone endofunctor with a fixed point has a terminal coalgebra. We introduce bounded endofunctors on abstract categories and prove that they have terminal coalgebras. We study well-founded coalgebras and prove that for set functors, the largest well-founded coalgebra of every fixed point is the initial algebra. Another new result concerns mixed fixed points: initial algebras and terminal coalgebras of a parametrized accessible functor always form accessible functors.