Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System

Tapan Mitra and Kazuo Nishimura

Chapter Chapter 9 in Nonlinear Dynamics in Equilibrium Models, 2012, pp 195-233 from Springer

Abstract: Abstract The theory of optimal intertemporal allocation has been developed primarily for the case in which the objective function of the planner or representative agent can be written as $$U(c1, c2\ldots) \equiv {{{\sum}^\infty}_{t=1}} {{\delta}^{t-1}}w(c_{t})$$ where c t represents consumption at date t, w the period felicity function, and $$\delta\,\,\epsilon$$ (o,1) a discount factor, representing the time preference of the agent.

Keywords: Utility Function; Euler Equation; Discount Factor; Characteristic Root; Optimal Program (search for similar items in EconPapers)
Date: 2012
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Related works:
Journal Article: INTERTEMPORAL COMPLEMENTARITY AND OPTIMALITY: A STUDY OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM (2005)
Working Paper: Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System (2004)
Working Paper: Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System (2002)
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DOI: 10.1007/978-3-642-22397-6_9

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