A Dynamic Leontief Model with Chance-Constraints

Sten Thore

Chapter Chapter 20 in Risk and Uncertainty, 1968, pp 422-441 from Palgrave Macmillan

Abstract: Abstract Most multi-sector growth models presented in the literature have been developed under the standard assumption of certainty. One then looks for optimal deterministic paths of growth of output and capital stock. The present paper explores the modifications of multisector growth theory which seem to be called for when uncertainty about the productivity of future capital is introduced explicitly into the model. We shall then be looking for optimal stochastic strategies for the accumulation of capital stock.

Keywords: Capital Stock; Dual Variable; Capital Formation; Final Demand; Deterministic Constraint (search for similar items in EconPapers)
Date: 1968
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-15248-3_20

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DOI: 10.1007/978-1-349-15248-3_20

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