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| Tekijä: | Majumdar, M. Mitra, T. |
| Otsikko: | Periodic and chaotic programs of optimal intertemporal allocation in an aggregative model with wealth effects |
| Lehti: | Economic Theory
1994 : VOL. 4:5, p. 649-676 |
| Asiasana: | ALLOCATION MODELS WEALTH |
| Kieli: | eng |
| Tiivistelmä: | The authors of this article examine a discrete-time aggregative model of discounted dynamic optimization where the felicity function depends on both consumption and capital stock. The need for studying such models has been stressed in the theory of optimal growth and also in the economics of natural resources. They identify conditions under which the optimal program is monotone. The optimal program can exhibit cyclic behavior for all discount factors close to one. |
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