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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- Mitra, Tapan & Ray, Debraj, 2012.
"On the Phelps–Koopmans theorem,"
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- 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.
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