haku: @author Nyarko, Y. / yhteensä: 4
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| Tekijä: | Nyarko, Y. Olson, L. |
| Otsikko: | Optimal growth with unobservable resources and learning |
| Lehti: | Journal of Economic Behavior and Organization
1996 : MAY, VOL. 29:3, p. 465-491 |
| Asiasana: | ECONOMICS LEARNING CONSUMPTION |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the problem of choosing optimal resource consumption from an imperfectly observable aggregate capital, wealth or resource stock which the decision-maker learns about over time. Learning is complicated by the fact that the planner receives information about an object which is a moving target. The model is compared to a model with completely observable wealth levels the following insights are obtained: there is "over-saving"; investment and output processes are more volatile than consumption. |
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