Advanced Search
MyIDEAS: Login to save this article or follow this journal

Some Remarks on Stochastic Versions of the Ramsey Growth Model

Contents:

Author Info

  • Karel Sladký

    ()

Registered author(s):

    Abstract

    In this note we focus attention on stochastic versions of the Ramsey growth model if either for a given time horizon expected value of the considered utility function should be maximized or if for infinite time horizon maximal average utility should be obtained. In contrast to the standard Ramsey economy growth model we assume that the production function considered in the economy model is influenced by some random factor with some specific properties. The aim is to discuss various approaches suitable for finding optimal policy of the “stochasticized” Ramsey model. To this end, we summarize basic features of multistage stochastic programming and stochastic dynamic programming – the two main methodologies that can be used to handle the above problem. Finally, we show how these approaches can be employed for finding optimal control policies for the “stochasticized” versions of the Ramsey problem if full or only partial information on the development of the economy over time is available.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://ces.utia.cas.cz/bulletin/index.php/bulletin/article/view/203
    Download Restriction: no

    Bibliographic Info

    Article provided by The Czech Econometric Society in its journal Bulletin of the Czech Econometric Society.

    Volume (Year): 19 (2012)
    Issue (Month): 30 ()
    Pages:

    as in new window
    Handle: RePEc:czx:journl:v:19:y:2012:i:30:id:203

    Contact details of provider:
    Email:
    Web page: http://ces.utia.cas.cz
    More information through EDIRC

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:czx:journl:v:19:y:2012:i:30:id:203. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jozef Barunik).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.