Uzawa's Transformation and Optimal Control Problems With Variable Rates of Time Preference

Johanna Francis and Tom Kompas

Working Papers from Australian National University - Department of Economics

Abstract: Uzawa (1968) first introduced a simple and appealing method for reducing problems with variable rates of time preference to single-state systems by transforming the time scale from t to (delta's symbol), a utility discount factor. The purpose of this paper is to show that Uzawa's transformation is valid only when the underlying system to be analyzed is autonomous.

Keywords: LIFE CYCLE; MATHEMATICAL MODELS; FINANCIAL MARKET (search for similar items in EconPapers)
JEL-codes: C61 D91 F30 (search for similar items in EconPapers)
Pages: 19 pages
Date: 1998
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Citations: View citations in EconPapers (4)

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Working Paper: Uzawa's Transformation and Optimal Control Problems with Variable Rates of Time Preference (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:aunaec:354

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