The Turnpike Property and the Central Limit Theorem in Stochastic Models of Economic Dynamics

Sjur Flåm and Igor Evstigneev

Norway; Department of Economics, University of Bergen from Department of Economics, University of Bergen

Abstract: The paper analyzes asymptotic properties of optimal paths in multisector stochastic models of economic dynamics. We find conditions under which the rate of convergence in stochastic turnpike theorems is exponential. Using this result, we prove a functional central limit theorem for sums of random rewards accumulated along the optimal paths.

Keywords: STOCHASTIC; MODELS (search for similar items in EconPapers)
JEL-codes: C11 C52 C53 (search for similar items in EconPapers)
Pages: 38 pages
Date: 1997
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:bereco:171

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