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On the Optimal Stationary State for the Quasi-Stationary Model of Capital Accumulation under Uncertainty : The Characterization of the Discounted Golden-Rule State by Prices

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  • Takekuma, Shin-ichi

Abstract

A general quasi-stationary model of capital accumulation under uncertainty is considered and the discounted golden-rule state is characterized by prices. A support price for the discounted golden-rule state, which is a finitely additive vector-valued measure, is proved to exist. By using the support price, the discounted golden-rule state is shown to be an optimal stationary state. Also, under the assumption of monotonicity, support prices are proved to be integrable functions.

Suggested Citation

  • Takekuma, Shin-ichi, 2008. "On the Optimal Stationary State for the Quasi-Stationary Model of Capital Accumulation under Uncertainty : The Characterization of the Discounted Golden-Rule State by Prices," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 49(1), pages 23-33, June.
  • Handle: RePEc:hit:hitjec:v:49:y:2008:i:1:p:23-33
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    References listed on IDEAS

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    More about this item

    Keywords

    Optimal stationary state; Quasi-stationary model; Uncertainty; Support price;

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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