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Stochastic Version Of Polterovich'S Model: Exponential Turnpike Theorems For Equilibrium Paths

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  • Amir, Rabah
  • Evstigneev, Igor

Abstract

The paper examines a stochastic analogue of the Polterovich model ofeconomic dynamics. The study focuses on the asymptotic properties ofequilibrium paths. The main results are stochastic turnpike theorems withexponential estimates of the convergence rate.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 3 (1999)
Issue (Month): 02 (June)
Pages: 149-166

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Handle: RePEc:cup:macdyn:v:3:y:1999:i:02:p:149-166_01

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  1. Amir, R., 1991. "Sensitivity analysis of multi-sector optimal economic dynamics," CORE Discussion Papers 1991006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Evstigneev,Igor & Taksar,Michael, 1992. "Stochastic equilibria on graphs,I," Discussion Paper Serie A 391, University of Bonn, Germany.
  3. Polterovich, V M, 1983. "Equilibrium Trajectories of Economic Growth," Econometrica, Econometric Society, vol. 51(3), pages 693-729, May.
  4. Flam, S.D. & Evstigneev, I.V., 1997. "The Turnpike Property and the Central Limit Theorem in Stochastic Models of Economic Dynamics," Norway; Department of Economics, University of Bergen 171, Department of Economics, University of Bergen.
  5. Amir, R. & Evstigneev, I. V., 2000. "A functional central limit theorem for equilibrium paths of economic dynamics," Journal of Mathematical Economics, Elsevier, vol. 33(1), pages 81-99, February.
  6. Majumdar, Mukul & Zilcha, Itzhak, 1987. "Optimal growth in a stochastic environment: Some sensitivity and turnpike results," Journal of Economic Theory, Elsevier, vol. 43(1), pages 116-133, October.
  7. Bewley, Truman F., 1981. "Stationary equilibrium," Journal of Economic Theory, Elsevier, vol. 24(2), pages 265-295, April.
  8. Araujo, A & Scheinkman, Jose A, 1977. "Smoothness, Comparative Dynamics, and the Turnpike Property," Econometrica, Econometric Society, vol. 45(3), pages 601-20, April.
  9. McKenzie, Lionel W., 2005. "Optimal economic growth, turnpike theorems and comparative dynamics," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 26, pages 1281-1355 Elsevier.
  10. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January.
  11. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
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Citations

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Cited by:
  1. Igor Evstigneev & Michael Taksar, 2006. "Dynamic interaction models of economic equilibrium," The School of Economics Discussion Paper Series 0623, Economics, The University of Manchester.
  2. Ivan Boldyrev & Olessia Kirtchik, 2013. "General equilibrium theory behind the iron curtain: the case of Victor Polterovich," HSE Working papers WP BRP 14/HUM/2013, National Research University Higher School of Economics.
  3. Zhang, W.-B., 2014. "Ethnic Human Capital Externalities and Inequality in a General Equilibrium Growth Model," Journal of the New Economic Association, New Economic Association, vol. 21(1), pages 33-54.

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