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An Exercise on Discrete-Time Intertemporal Optimization

  • Fidelina B. Natividad-Carlos

    (School of Economics, University of the Philippines Diliman)

This paper, using the different alternative methods of dynamic optimization - the Lagrange/Kuhn-Tucker (LKT) method, the substitution method, the Hamiltonian method, and the dynamic programming approach - derives the conditions that must be satisfied by the solution to the so-called Ramsey problem, hopefully in a way that can be understood by advanced undergraduate economics students. This is done by assuming that time is discrete and that, for simplicity but without loss of generality, there are only three periods.

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File URL: http://www.econ.upd.edu.ph/dp/index.php/dp/article/view/710/184
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Paper provided by University of the Philippines School of Economics in its series UP School of Economics Discussion Papers with number 201306.

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Length: 31 pages
Date of creation: Jul 2013
Date of revision:
Publication status: Published as UPSE Discussion Paper No. 2013-06, July 2013
Handle: RePEc:phs:dpaper:201306
Contact details of provider: Postal:
Diliman, Quezon City 1101

Phone: 927-9686
Web page: http://www.econ.upd.edu.ph/

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  1. Brock, William A. & Mirman, Leonard J., 1972. "Optimal economic growth and uncertainty: The discounted case," Journal of Economic Theory, Elsevier, vol. 4(3), pages 479-513, June.
  2. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, March.
  3. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, Oxford University Press, vol. 32(3), pages 233-240.
  4. Dorfman, Robert, 1969. "An Economic Interpretation of Optimal Control Theory," American Economic Review, American Economic Association, vol. 59(5), pages 817-31, December.
  5. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, March.
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