Optimal Buffer Stocks in Neumann-- Economies under Uncertainty

Roy Gardner and Harvey Lapan

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: There exists side-by^side substantial literatures on von Nuemann economies—especially their turnpike properties—(7, 8],—and on optimal growth theory under uncertainty (1, 2» 6]. Typically, the von Neumann models, although deterministic, have a fairly complicated product technology, while the optimal growth models rely on fairly rudimentary product technologies. The present work attempts to bring these two literatures together with the confines of a two-sector von Neumann model under uncertainty. For ease of interpretation, and as the primary application, the model is considered as one of an optimally planned economy [3, 4].

Date: 1979-01-01
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