haku: @author Sorger, G. / yhteensä: 10
viite: 9 / 10
| Tekijä: | Nishimutra, K. Sorger, G. Yamo, M. |
| Otsikko: | Ergodic chaos in optimal growth models with low discount rates |
| Lehti: | Economic Theory
1994 : VOL. 4:5, p. 705-717 |
| Asiasana: | CHAOS GROWTH MODELS |
| Kieli: | eng |
| Tiivistelmä: | The authors show in this article that for every discount factor pE(0,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital. Whether or not erratic economic behavior can be explained by models of inifinitelly-lived rational agents has been discussed in the economic literature for some years. |
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