On the Turnpike Property of the Modified Golden Rule
Stationary and ergodic probability distribution is derived and the stochastic balanced path of capital accumulation is defined via corresponding martingale path. Moreover, stochastic version of asymptotic turnpike theorem is established in the sense of uniform topology and also neighborhood type of stochastic turnpike theorem is demonstrated in the sense of ergodic measure.
Volume (Year): 8 (2014)
Issue (Month): 1 (August)
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- Cass, David, 1972. "On capital overaccumulation in the aggregative, neoclassical model of economic growth: A complete characterization," Journal of Economic Theory, Elsevier, vol. 4(2), pages 200-223, April.
- Joshi, Sumit, 1997. "Turnpike Theorems in Nonconvex Nonstationary Environments," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 225-248, February.
- Mitra, Tapan & Ray, Debraj, 2012.
"On the Phelps–Koopmans theorem,"
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Elsevier, vol. 147(2), pages 833-849.
- Mitra, Tapan & Ray, Debraj, 2009. "On the Phelps-Koopmans Theorem," Working Papers 09-04, Cornell University, Center for Analytic Economics.
- Darong Dai, 2012. "Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 381-423, November.
- Acemoglu, Daron, 2012. "Introduction to economic growth," Journal of Economic Theory, Elsevier, vol. 147(2), pages 545-550.
- Mirman, Leonard J, 1972. "On the Existence of Steady State Measures for One Sector Growth Models with Uncertain Technology," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 271-286, June. Full references (including those not matched with items on IDEAS)
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