A CORRESPONDENCE-THEORETIC APPROACH TO DYNAMIC OPTIMIZATION

C. D. Aliprantis and Gabriele Camera

Macroeconomic Dynamics, 2009, vol. 13, issue S1, 97-117

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.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:13:y:2009:i:s1:p:97-117_08

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