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Ergodic Chaos in Optimal Growth Models with Low Discount Rates

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  • Nishimura, Kazuo
  • Sorger, Gerhard
  • Yano, Makoto

Abstract

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.

Suggested Citation

  • Nishimura, Kazuo & Sorger, Gerhard & Yano, Makoto, 1994. "Ergodic Chaos in Optimal Growth Models with Low Discount Rates," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(5), pages 705-717, August.
  • Handle: RePEc:spr:joecth:v:4:y:1994:i:5:p:705-17
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