On the Least Upper Bound of Discount Factors that are Compatible with Optimal Period-Three Cycles

Kazuo Nishimura and Makoto Yano ()
Additional contact information
Makoto Yano: Kyoto University

Chapter Chapter 8 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 165-191 from Springer

Abstract: Abstract In this study, we derive, in the standard class of optimal growth models, the least upper bound of discount factors of future utilities for which a cyclical optimal path of period 3 may emerge.1 On the one hand, Nishimura and Yano (1994) and Nishimura et al. (1994) construct examples in which a cyclical optimal path of period 3 emerges for discount factors around 0:36. On the other hand, Sorger (1992a,b, 1994), demonstrates that if such a path emerges in an optimal growth model of the standard class, the model’s discount factor cannot exceed 0:5478.

Date: 2012
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: On the Least Upper Bound of Discount Factors That Are Compatible with Optimal Period-Three Cycles (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-22397-6_8

Ordering information: This item can be ordered from
http://www.springer.com/9783642223976

DOI: 10.1007/978-3-642-22397-6_8

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().