Ergodic Chaos in Optimal Growth Models with Low Discount Rates
We show that for every discount factor rho epsilon(O,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital.
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Volume (Year): 4 (1994)
Issue (Month): 5 (August)
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