On a nonstationary discrete time infinite horizon growth model with uncertainty

Nikolaos S. Papageorgiou; Francesca Papalini; Susanna Vercillo

Commentationes Mathematicae Universitatis Carolinae (1997)

  • Volume: 38, Issue: 1, page 193-202
  • ISSN: 0010-2628

Abstract

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In this paper we examine a nonstationary discrete time, infinite horizon growth model with uncertainty. Under very general hypotheses on the data of the model, we establish the existence of an optimal program and we show that the values of the finite horizon problems tend to that of the infinite horizon as the end of the planning period approaches infinity. Finally we derive a transversality condition for optimality which does not involve dual variables (prices).

How to cite

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Papageorgiou, Nikolaos S., Papalini, Francesca, and Vercillo, Susanna. "On a nonstationary discrete time infinite horizon growth model with uncertainty." Commentationes Mathematicae Universitatis Carolinae 38.1 (1997): 193-202. <http://eudml.org/doc/248102>.

@article{Papageorgiou1997,
abstract = {In this paper we examine a nonstationary discrete time, infinite horizon growth model with uncertainty. Under very general hypotheses on the data of the model, we establish the existence of an optimal program and we show that the values of the finite horizon problems tend to that of the infinite horizon as the end of the planning period approaches infinity. Finally we derive a transversality condition for optimality which does not involve dual variables (prices).},
author = {Papageorgiou, Nikolaos S., Papalini, Francesca, Vercillo, Susanna},
journal = {Commentationes Mathematicae Universitatis Carolinae},
keywords = {growth model; discrete time; infinite horizon; finite horizon; uncertainty; utility function; technology multifunction; optimal program; transversality condition; growth model; discrete time; infinite horizon; finite horizon; uncertainty; utility function; technology multifunctions; optimal program; transversality condition},
language = {eng},
number = {1},
pages = {193-202},
publisher = {Charles University in Prague, Faculty of Mathematics and Physics},
title = {On a nonstationary discrete time infinite horizon growth model with uncertainty},
url = {http://eudml.org/doc/248102},
volume = {38},
year = {1997},
}

TY - JOUR
AU - Papageorgiou, Nikolaos S.
AU - Papalini, Francesca
AU - Vercillo, Susanna
TI - On a nonstationary discrete time infinite horizon growth model with uncertainty
JO - Commentationes Mathematicae Universitatis Carolinae
PY - 1997
PB - Charles University in Prague, Faculty of Mathematics and Physics
VL - 38
IS - 1
SP - 193
EP - 202
AB - In this paper we examine a nonstationary discrete time, infinite horizon growth model with uncertainty. Under very general hypotheses on the data of the model, we establish the existence of an optimal program and we show that the values of the finite horizon problems tend to that of the infinite horizon as the end of the planning period approaches infinity. Finally we derive a transversality condition for optimality which does not involve dual variables (prices).
LA - eng
KW - growth model; discrete time; infinite horizon; finite horizon; uncertainty; utility function; technology multifunction; optimal program; transversality condition; growth model; discrete time; infinite horizon; finite horizon; uncertainty; utility function; technology multifunctions; optimal program; transversality condition
UR - http://eudml.org/doc/248102
ER -

References

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  12. Papageorgiou N.S., Optimal programs and their price characterization in a multisector growth model with uncertainty, Proc. Amer. Math. Soc. 22 (1994), 227-240. (1994) Zbl0839.90019MR1195728
  13. Peleg B., Ryder H., On optimal consumption plans in a multisector economy, Review of Economic Studies 39 (1972), 159-169. (1972) 
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  15. Weitzman M.L., Duality theory for infinite horizon convex models, Management Sci. 19 (1973), 783-789. (1973) Zbl0262.90052MR0337334

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