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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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