Optimal Consumption Paths

András Simonovits
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András Simonovits: Hungarian Academy of Sciences

Chapter 10 in Mathematical Methods in Dynamic Economics, 2000, pp 208-225 from Palgrave Macmillan

Abstract: Abstract One can solve various problems concerning continuous-time optimal consumption paths with the help of the theory of optimal control. Section 10.1 studies the optimal consumption path under given labor and capital incomes (Ramsey, 1928). Two alternative assumptions are considered: (i) certain and (ii) uncertain lifespan. Sections 10.2 and 10.3 analyze optimal consumption paths with endogenous incomes derived from a given production function, for infinite and finite horizons, respectively. We shall rely on Kamien and Schwartz (1981) and Simonovits (1995b) (Koopmans (1967) is also recomemnded).

Keywords: Utility Function; Discount Rate; Relative Risk Aversion; Infinite Horizon; Finite Horizon (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1057/9780230513532_11

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