Monotonicity and Continuity of the Critical Capital Stock in the Dechert-Nishimura Model
We show that the critical capital stock of the Dechert-Nishimura (1983) model is a decreasing and continuous function of the discount factor. We also show that the critical capital stock merges with a nonzero steady state as the discount factor decreases to a certain boundary value, and that the critical capital stock converges to the minimum sustainable capital stock as the discount factor increases to another boundary value.
|Date of creation:||Apr 2011|
|Date of revision:||Sep 2011|
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