IDEAS home Printed from https://ideas.repec.org/a/hit/hitjec/v49y2008i1p23-33.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15883/1/HJeco0490100230.pdf
    Download Restriction: no

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hit:hitjec:v:49:y:2008:i:1:p:23-33. 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: (Digital Resources Section, Hitotsubashi University Library). General contact details of provider: http://edirc.repec.org/data/fehitjp.html .

    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.

    We have no references for this item. You can help adding them by using 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.