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A Correspondence-Theoretic Approach To Dynamic Optimization

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  • Aliprantis, C. D.
  • Camera, G.

Abstract

This paper introduces a method of optimization in infinite-horizon economies based on the theory of correspondences. The proposed approach allow us to study time-separable and non-time-separable dynamic economic models without resorting to fixed point theorems or transversality conditions. When our technique is applied to the standard time-separable model it provides an alternative and straightforward way to derive the common recursive formulation of these models by means of Bellman equations.

Suggested Citation

  • Aliprantis, C. D. & Camera, G., 2009. "A Correspondence-Theoretic Approach To Dynamic Optimization," Macroeconomic Dynamics, Cambridge University Press, vol. 13(S1), pages 97-117, May.
    • Handle: RePEc:cup:macdyn:v:13:y:2009:i:s1:p:97-117_08
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