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| Author: | Wälde, K. |
| Title: | Optimal saving under Poisson uncertainty |
| Journal: | Journal of Economic Theory
1999 : JUL, VOL. 87:1, p. 194-217 |
| Index terms: | Theories Uncertainty Investments Policy Savings Equilibrium analysis |
| Language: | eng |
| Abstract: | In this paper, optimal saving and investment behaviour of a household that can either invest in riskless or risky saving technology when risk results from a Poisson process is studied. The focus is on behaviour of households in a general equilibrium setup. Poisson processes are introduced since they allow an understanding and modelling of endogenous cycles jointly with long-run growth. It turns out that a very simple, intuitive and tractable characterization of equilibrium is possible. |
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