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
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.
Volume (Year): 49 (2008)
Issue (Month): 1 (June)
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