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On the Optimal Stationary State for the Quasi-Stationary Model of Capital Accumulation under Uncertainty : The Characterization of the Discounted Golden-Rule State by Prices, 不確実性下の資本蓄積の準定常的モデルにおける最適定常状態について：割引黄金律状態の価格による特徴付け

Author

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  • Takekuma, Shin-ichi

Abstract

A general quasi-stationary model of capital accumulation under uncertainty is considered and the discounted golden-rule state is characterized by prices. A support price for the discounted golden-rule state, which is a finitely additive vector-valued measure, is proved to exist. By using the support price, the discounted golden-rule state is shown to be an optimal stationary state. Also, under the assumption of monotonicity, support prices are proved to be integrable functions.

Suggested Citation

  • Takekuma, Shin-ichi, 2008. "On the Optimal Stationary State for the Quasi-Stationary Model of Capital Accumulation under Uncertainty : The Characterization of the Discounted Golden-Rule State by Prices, 不確実性下の資本蓄積の準定常的モデルにおける最適定," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 49(1), pages 23-33, June.
    • Handle: RePEc:hit:hitjec:v:49:y:2008:i:1:p:23-33
    DOI: 10.15057/15883
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    More about this item

    Keywords

    Optimal stationary state; Quasi-stationary model; Uncertainty; Support price;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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