Dynamic Economic Models with Uncertainty and Irreversibility: Methods and Applications
Author
Abstract
Suggested Citation
DOI: 10.22004/ag.econ.197822
Download full text from publisher
References listed on IDEAS
- Anonymous, 1991. "Economic forecasts," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 54, march.
- Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
- Donaldson, John B. & Mehra, Rajnish, 1983. "Stochastic growth with correlated production shocks," Journal of Economic Theory, Elsevier, vol. 29(2), pages 282-312, April.
- Zeldes, Stephen P, 1989.
"Consumption and Liquidity Constraints: An Empirical Investigation,"
Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 305-346, April.
- Stephen Zeldes, "undated". "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 24-85, Wharton School Rodney L. White Center for Financial Research.
- Stephen P. Zeldes, "undated". "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 16-88, Wharton School Rodney L. White Center for Financial Research.
- Walter Perrin Heller & Ross M. Starr, 1979. "Capital Market Imperfection, the Consumption Function, and the Effectiveness of Fiscal Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(3), pages 455-463.
- Hopenhayn, Hugo A & Prescott, Edward C, 1992. "Stochastic Monotonicity and Stationary Distributions for Dynamic Economies," Econometrica, Econometric Society, vol. 60(6), pages 1387-1406, November.
- Mirman, Leonard J. & Zilcha, Itzhak, 1975. "On optimal growth under uncertainty," Journal of Economic Theory, Elsevier, vol. 11(3), pages 329-339, December.
- W. Davis Dechert & Kazuo Nishimura, 2012.
"A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function,"
Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 237-257,
Springer.
- Dechert, W. Davis & Nishimura, Kazuo, 1983. "A complete characterization of optimal growth paths in an aggregated model with a non-concave production function," Journal of Economic Theory, Elsevier, vol. 31(2), pages 332-354, December.
- Razin, Assaf & Yahav, Joseph A, 1979. "On Stochastic Models of Economic Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 599-604, October.
- Nyarko, Yaw & Olson, Lars J., 1991. "Stochastic dynamic models with stock-dependent rewards," Journal of Economic Theory, Elsevier, vol. 55(1), pages 161-168, October.
- Deaton, Angus, 1991.
"Saving and Liquidity Constraints,"
Econometrica, Econometric Society, vol. 59(5), pages 1221-1248, September.
- Deaton, A., 1989. "Saving And Liquidity Constraints," Papers 153, Princeton, Woodrow Wilson School - Public and International Affairs.
- Angus Deaton, 1989. "Saving and Liquidity Constraints," NBER Working Papers 3196, National Bureau of Economic Research, Inc.
- Alessie, Rob & Kapteyn, Arie & Melenberg, Bertrand, 1989.
"The effects of liquidity constraints on consumption Estimation from household panel data,"
European Economic Review, Elsevier, vol. 33(2-3), pages 547-555, March.
- Alessie, R.J.M. & Melenberg, B. & Kapteyn, A.J., 1989. "The effects of liquidity constraints on consumption : Estimation from household panel data," Other publications TiSEM c43d08ee-1fb3-4ee3-8903-d, Tilburg University, School of Economics and Management.
- Alessie, R.J.M. & Kapteyn, A.J. & Melenberg, B., 1990. "The effects of liquidity constraints on consumption : Estimation from household panel data," Other publications TiSEM e377be52-c736-4a42-953e-6, Tilburg University, School of Economics and Management.
- Mirman, Leonard J. & Zilcha, Itzhak, 1977. "Characterizing optimal policies in a one-sector model of economic growth under uncertainty," Journal of Economic Theory, Elsevier, vol. 14(2), pages 389-401, April.
- Mitra, Tapan, 1983. "Sensitivity of optimal programs with respect to changes in target stocks: The case of irreversible investment," Journal of Economic Theory, Elsevier, vol. 29(1), pages 172-184, February.
- Olson, Lars J., 1990. "Environmental preservation with production," Journal of Environmental Economics and Management, Elsevier, vol. 18(1), pages 88-96, January.
- Milgrom, Paul & Shannon, Chris, 1994.
"Monotone Comparative Statics,"
Econometrica, Econometric Society, vol. 62(1), pages 157-180, January.
- Milgrom, P. & Shannon, C., 1991. "Monotone Comparative Statics," Papers 11, Stanford - Institute for Thoretical Economics.
- Olson, Lars J. & Roy, Santanu, 1996.
"On Conservation of Renewable Resources with Stock-Dependent Return and Nonconcave Production,"
Journal of Economic Theory, Elsevier, vol. 70(1), pages 133-157, July.
- Olson, Lars J. & Roy, Santanu, 1994. "On Conservation of Renewable Resources with Stock-Dependent Return and Non-Concave Production," Working Papers 197800, University of Maryland, Department of Agricultural and Resource Economics.
- Mendelssohn, Roy & Sobel, Matthew J., 1980. "Capital accumulation and the optimization of renewable resource models," Journal of Economic Theory, Elsevier, vol. 23(2), pages 243-260, October.
- Mitra, Tapan, 1978. "A note on efficient growth with irreversible investment and the Phelps-Koopmans theorem," Journal of Economic Theory, Elsevier, vol. 18(1), pages 216-223, June.
- Anonymous, 1991. "New Zealand economic chronology 1990," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 54, june.
- Michel Demers, 1991. "Investment under Uncertainty, Irreversibility and the Arrival of Information Over Time," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 333-350.
- anonymous, 1991. "Regional economic development and public policy," Monograph, Federal Reserve Bank of Kansas City, number 1991redap, March.
- Futia, Carl A, 1982. "Invariant Distributions and the Limiting Behavior of Markovian Economic Models," Econometrica, Econometric Society, vol. 50(2), pages 377-408, March.
- Pindyck, Robert S, 1991.
"Irreversibility, Uncertainty, and Investment,"
Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-1148, September.
- Pindyck, Robert, 1989. "Irreversibility, uncertainty, and investment," Policy Research Working Paper Series 294, The World Bank.
- Pindyck, Robert S., 1990. "Irreversibility, uncertainty, and investment," Working papers 3137-90., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Robert S. Pindyck, 1990. "Irreversibility, Uncertainty, and Investment," NBER Working Papers 3307, National Bureau of Economic Research, Inc.
- Huntley Schaller & Fanny Demers & Michel Demers, 1993. "Investments Under Uncertainty and Irreversibility," Carleton Economic Papers 93-10, Carleton University, Department of Economics, revised Sep 1990.
- Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
- Anonymous, 1991. "Economic Forecasts," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 54, september.
- R. Glenn Hubbard & Kenneth L. Judd, 1986. "Liquidity Constraints, Fiscal Policy, and Consumption," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(1), pages 1-60.
- Dow, James Jr. & Olson, Lars J., 1992.
"Irreversibility and the behavior of aggregate stochastic growth models,"
Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 207-223, April.
- Dow, J.P.J. & Olson, L.J., 1990. ""Irreversibility and the Behavior of Aggregate Stochastic Growth Models"," The A. Gary Anderson Graduate School of Management 90-10, The A. Gary Anderson Graduate School of Management. University of California Riverside.
- Amir, Rabah & Mirman, Leonard J & Perkins, William R, 1991. "One-Sector Nonclassical Optimal Growth: Optimality Conditions and Comparative Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 625-644, August.
- William A. Brock & Leonard J. Mirman, 2001.
"Optimal Economic Growth And Uncertainty: The Discounted Case,"
Chapters, in: W. D. Dechert (ed.), Growth Theory, Nonlinear Dynamics and Economic Modelling, chapter 1, pages 3-37,
Edward Elgar Publishing.
- 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.
- Knapp Keith C. & Olson Lars J., 1995. "The Economics of Conjunctive Groundwater Management with Stochastic Surface Supplies," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 340-356, May.
- Unknown, 1957. "Back Matter: THE AUSTRALIAN AGRICULTURAL ECONOMICS SOCIETY," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 1(1), pages 1-3.
- Fisher, Anthony C. & Krutilla, John V., 1985. "Economics of nature preservation," Handbook of Natural Resource and Energy Economics, in: A. V. Kneeseā & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 1, chapter 4, pages 165-189, Elsevier.
- Kenneth J. Arrow & Anthony C. Fisher, 1974.
"Environmental Preservation, Uncertainty, and Irreversibility,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 88(2), pages 312-319.
- Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," Palgrave Macmillan Books, in: Chennat Gopalakrishnan (ed.), Classic Papers in Natural Resource Economics, chapter 4, pages 76-84, Palgrave Macmillan.
- Brock, William A. & Dechert, W. Davis, 1991.
"Non-linear dynamical systems: Instability and chaos in economics,"
Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 40, pages 2209-2235,
Elsevier.
- Brock, W.A. & Dechert, W.D., 1990. "Nonlinear Dynamical Systems Instability And Chaos In Economics," Working papers 90-17, Wisconsin Madison - Social Systems.
- Guiseppe Bertola & Ricardo J. Caballero, 1994.
"Irreversibility and Aggregate Investment,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 61(2), pages 223-246.
- Giuseppe Bertola & Ricardo J. Caballero, 1991. "Irreversibility and Aggregate Investment," NBER Working Papers 3865, National Bureau of Economic Research, Inc.
- Claude Henry, 1974. "Investment decisions under uncertainty: The "irreversibility effect"," ULB Institutional Repository 2013/327343, ULB -- Universite Libre de Bruxelles.
- Malinvaud, E, 1969. "First Order Certainty Equivalence," Econometrica, Econometric Society, vol. 37(4), pages 706-718, October.
- Brock, William A & Mirman, Leonard J, 1973. "Optimal Economic Growth and Uncertainty: The No Discounting Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 560-573, October.
- Unknown, 1957. "The Australian Agricultural Economics Society," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 25(01-2), pages 1-3, March.
- Mitra, Tapan & Ray, Debraj, 1983. "Efficient and optimal programs when investment is irreversible : A duality theory," Journal of Mathematical Economics, Elsevier, vol. 11(1), pages 81-113, January.
- Robert A. Jones & Joseph M. Ostroy, 1984.
"Flexibility and Uncertainty,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 51(1), pages 13-32.
- Robert A. Jones & Joseph M. Ostroy, 1979. "Flexibilty and Uncertainty," UCLA Economics Working Papers 163, UCLA Department of Economics.
- Olson, Lars J., 1989. "Stochastic growth with irreversible investment," Journal of Economic Theory, Elsevier, vol. 47(1), pages 101-129, February.
- Blume, Lawrence & Easley, David & O'Hara, Maureen, 1982. "Characterization of optimal plans for stochastic dynamic programs," Journal of Economic Theory, Elsevier, vol. 28(2), pages 221-234, December.
- Marjorie Flavin, 1985. "Excess Sensitivity of Consumption to Current Income: Liquidity Constraints or Myopia?," Canadian Journal of Economics, Canadian Economics Association, vol. 18(1), pages 117-136, February.
- William A. Brock & Blake LeBaron, 1990.
"Liquidity Constraints in Production-Based Asset-Pricing Models,"
NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 231-256,
National Bureau of Economic Research, Inc.
- William A. Brock & Blake LeBaron, 1989. "Liquidity Constraints in Production Based Asset Pricing Models," NBER Working Papers 3107, National Bureau of Economic Research, Inc.
- Nyarko, Yaw & Olson, Lars J, 1994. "Stochastic Growth When Utility Depends on Both Consumption and the Stock Level," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(5), pages 791-797, August.
- Scheinkman, Jose A & Weiss, Laurence, 1986. "Borrowing Constraints and Aggregate Economic Activity," Econometrica, Econometric Society, vol. 54(1), pages 23-45, January.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Lars J. Olson & Santanu Roy, 2006.
"Theory of Stochastic Optimal Economic Growth,"
Springer Books, in: Rose-Anne Dana & Cuong Le Van & Tapan Mitra & Kazuo Nishimura (ed.), Handbook on Optimal Growth 1, chapter 11, pages 297-335,
Springer.
- Olson, Lars J. & Roy, Santanu, 2005. "Theory of Stochastic Optimal Economic Growth," Working Papers 28601, University of Maryland, Department of Agricultural and Resource Economics.
- John Stachurski, 2009. "Economic Dynamics: Theory and Computation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012774, December.
- Amir, Rabah, 1997. "A new look at optimal growth under uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 22(1), pages 67-86, November.
- Kazuo Nishimura & Ryszard Rudnicki & John Stachurski, 2004. "Stochastic Growth With Nonconvexities:The Optimal Case," Department of Economics - Working Papers Series 897, The University of Melbourne.
- Attanasi, Giuseppe Marco & Montesano, Aldo, 2010.
"Testing Value vs Waiting Value in Environmental Decisions under Uncertainty,"
TSE Working Papers
10-154, Toulouse School of Economics (TSE).
- Giuseppe Attanasi & Aldo Montesano, 2010. "Testing Value vs Waiting Value in Environmental Decisions under Uncertainty," LERNA Working Papers 10.01.307, LERNA, University of Toulouse.
- Mirman, Leonard J. & Morand, Olivier F. & Reffett, Kevin L., 2008.
"A qualitative approach to Markovian equilibrium in infinite horizon economies with capital,"
Journal of Economic Theory, Elsevier, vol. 139(1), pages 75-98, March.
- Leonard J Mirman & Olivier F. Morand & Kevin L. Reffett, 2004. "A Qualitative Approach to Markovian Equilibrium in Infinite Horizon Economies with Capital," Levine's Bibliography 122247000000000224, UCLA Department of Economics.
- Attanasio, Orazio P., 1995.
"The intertemporal allocation of consumption: theory and evidence,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 39-56, June.
- Orazio P. Attanasio, 1994. "The Intertemporal Allocation of Consumption: Theory and Evidence," NBER Working Papers 4811, National Bureau of Economic Research, Inc.
- Kazuo Nishimura & John Stachurski, 2012.
"Stability of Stochastic Optimal Growth Models: A New Approach,"
Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 289-307,
Springer.
- Nishimura, Kazuo & Stachurski, John, 2005. "Stability of stochastic optimal growth models: a new approach," Journal of Economic Theory, Elsevier, vol. 122(1), pages 100-118, May.
- Cai, Yiyong & Kamihigashi, Takashi & Stachurski, John, 2014.
"Stochastic optimal growth with risky labor supply,"
Journal of Mathematical Economics, Elsevier, vol. 50(C), pages 167-176.
- Yiyong Cai & Takashi Kamihigashi & John Stachurski, 2012. "Stochastic Optimal Growth with Risky Labor Supply," Discussion Paper Series DP2012-24, Research Institute for Economics & Business Administration, Kobe University.
- Yiyong Cai & Takashi Kamihigashi & John Stachurski, 2012. "Stochastic Optimal Growth with Risky Labor Supply," ANU Working Papers in Economics and Econometrics 2012-585, Australian National University, College of Business and Economics, School of Economics.
- Yiyong CAI & Takashi Kamihigashi & John Stachurski, 2013. "Stochastic Optimal Growth with Risky Labor Supply," Discussion Paper Series DP2013-23, Research Institute for Economics & Business Administration, Kobe University.
- Stachurski, John, 2002.
"Stochastic Optimal Growth with Unbounded Shock,"
Journal of Economic Theory, Elsevier, vol. 106(1), pages 40-65, September.
- Stachurski, J., 2001. "Stochastic Optimal Growth with Unbounded Shock," Department of Economics - Working Papers Series 777, The University of Melbourne.
- Manjira Datta & Kevin L. Reffett, 2005. "Isotone Recursive Methods: the Case of Homogeneous Agents," Tinbergen Institute Discussion Papers 05-012/2, Tinbergen Institute.
- Orazio P. Attanasio, 1998. "Consumption Demand," NBER Working Papers 6466, National Bureau of Economic Research, Inc.
- Takashi Kamihigashi & John Stachurski, 2011. "Existence, Stability and Computation of Stationary Distributions: An Extension of the Hopenhayn-Prescott Theorem," Discussion Paper Series DP2011-32, Research Institute for Economics & Business Administration, Kobe University.
- Hubbard, R. Glenn & Skinner, Jonathan & Zeldes, Stephen P., 1994.
"The importance of precautionary motives in explaining individual and aggregate saving,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 59-125, June.
- R. Glenn Hubbard & Jonathan Skinner & Stephen P. Zeldes, 1993. "The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving," NBER Working Papers 4516, National Bureau of Economic Research, Inc.
- Tapan Mitra & Santanu Roy, 2023. "Stochastic growth, conservation of capital and convergence to a positive steady state," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(1), pages 311-351, July.
- Olson, Lars J. & Roy, Santanu, 2000. "Dynamic Efficiency of Conservation of Renewable Resources under Uncertainty," Journal of Economic Theory, Elsevier, vol. 95(2), pages 186-214, December.
- Olson, Lars J. & Roy, Santanu, 1996.
"On Conservation of Renewable Resources with Stock-Dependent Return and Nonconcave Production,"
Journal of Economic Theory, Elsevier, vol. 70(1), pages 133-157, July.
- Olson, Lars J. & Roy, Santanu, 1994. "On Conservation of Renewable Resources with Stock-Dependent Return and Non-Concave Production," Working Papers 197800, University of Maryland, Department of Agricultural and Resource Economics.
- Leonard J. Mirman & Kevin Reffett & John Stachurski, 2005.
"Some stability results for Markovian economic semigroups,"
International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 57-72, March.
- Leonard J. Mirman & Kevin Reffett & John Stachurski, 2004. "Some Stability Results for Markovian Economic Semigroups," Department of Economics - Working Papers Series 902, The University of Melbourne.
- Meunier, Guy & Ponssard, Jean-Pierre, 2014.
"Capacity decisions with demand fluctuations and carbon leakage,"
Resource and Energy Economics, Elsevier, vol. 36(2), pages 436-454.
- Guy Meunier & Jean-Pierre Ponssard, 2013. "Capacity decisions with demand fluctuations and carbon leakage," Working Papers hal-00347650, HAL.
- Guy Meunier & Jean-Pierre Ponssard, 2014. "Capacity Decisions with Demand Fluctuations and Carbon Leakage," CESifo Working Paper Series 4627, CESifo.
- Guy Meunier & Jean-Pierre Ponssard, 2014. "Capacity decisions with demand fluctuations and carbon leakage [Choix d'investissement, variation de la demande et fuite de carbone]," Post-Print hal-02632588, HAL.
- Manjira Datta & Leonard Mirman & Olivier F. Morand & Kevin Reffett, 2001. "Monotone Methods for Distorted Economies," Working papers 2001-03, University of Connecticut, Department of Economics.
More about this item
Keywords
Demand and Price Analysis; Financial Economics;Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:umdrwp:197822. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/daumdus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.