Ergodic Chaos in Optimal Growth Models with Low Discount Rates
Kazuo Nishimura,
Gerhard Sorger and
Makoto Yano
Economic Theory, 1994, vol. 4, issue 5, 705-17
Abstract:
We show that for every discount factor rho epsilon(O,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital.
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:spr:joecth:v:4:y:1994:i:5:p:705-17
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