haku: @indexterm open economy / yhteensä: 204
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| Tekijä: | Datta, M. |
| Otsikko: | Optimal accumulation in a small open economy with technological uncertainty |
| Lehti: | Economic Theory
1999 : VOL. 13:1. p. 207-220 |
| Asiasana: | OPEN ECONOMY TECHNOLOGY UNCERTAINTY |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the optimal allocation problem of a small trading country facing an uncertain technology. It is involved in production of many commodities. Differentiability cannot be guaranteed, hence, the Ramsey-Euler condition of optimality needs to be modified. From the optimality criterion, the author derives a pair of conditions, which does not require differentiability. If "enough" uncertainty is allowed, the sequence of the distribution functions of investment expenditure converges uniformly to a unique invariant measure. |
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