Stochastic Growth Models With No Discounting

Stochastické růstové modely bez diskontování

Karel Sladký ()

Acta Oeconomica Pragensia, 2007, vol. 2007, issue 4, 88-98

Abstract: In this note, we consider in discrete time the Ramsey growth model without discounting under stochastic uncertainty modelled by Markov processes. To make the model computationally tractable we shall consider finite state approximations of the original model. Properties of policies maximizing mean value of the global utility of consumers over an infinite time horizon, along with algorithmic procedures finding optimal and suboptimal policies, are reported.

Keywords: economic dynamics; stochastic version of the Ramsey growth model; Markov decision processes (search for similar items in EconPapers)
JEL-codes: C61 E21 E22 (search for similar items in EconPapers)
Date: 2007
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DOI: 10.18267/j.aop.78

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