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Optimal Consumption Plans with Uncertain Planning Periods

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  • Lahiri Somdeb

Abstract

In this paper we study the one sector optimal growth model with uncertain planning horizons. We prove the non-existence of steady states, and the dependence of optimal capital stock at time ‘t’ on the conditional probability of a ‘t’ period planning horizon given that the planning process does not terminate before time ‘t’. We illustrate our results using a consumption optimal growth model and Cobb-Douglas technology.

Suggested Citation

  • Lahiri Somdeb, 1987. "Optimal Consumption Plans with Uncertain Planning Periods," IIMA Working Papers WP1987-10-01_00782, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:wp00782
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