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A further note on a new class of solutions to dynamic programming problems arising in economic growth

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This note extends the finding of Benhabib and Rusticchini (1994) who provide a class of SDGE models, whose solution is characterized by a constant savings rate. We show that this class of models may be interpreted as a standard representative agent SDGE model with costly adjustment of capital and provides a solution to the traditional discrete time Ramsey problem.

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File URL: http://www.wiwi.uni-augsburg.de/vwl/institut/paper/297.pdf
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Bibliographic Info

Paper provided by Universitaet Augsburg, Institute for Economics in its series Discussion Paper Series with number 297.

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Length: pages
Date of creation: Jan 2008
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Handle: RePEc:aug:augsbe:0297

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Keywords: capital and labor substitution; dynamic programming; growth; numerical solutions of SDGE models;

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  1. Benhabib, Jess & Rustichini, Aldo, 1994. "A note on a new class of solutions to dynamic programming problems arising in economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 807-813.
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