منابع مشابه
Infinite-horizon choice functions∗
We analyze infinite-horizon choice functions within the setting of a simple technology. Efficiency and time consistency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen, Pigou-Dalton, and resource monotonicity. We show that Suppes-Sen and Pigou-Dalton imply that the consumption and...
متن کاملConvergence of trajectories in infinite horizon optimization
In this paper, we investigate the convergence of a sequence of minimizing trajectories in infinite horizon optimization problems. The convergence is considered in the sense of ideals and their particular case called the statistical convergence. The optimality is defined as a total cost over the infinite horizon.
متن کاملInfinite horizon value functions in the Wasserstein spaces
We perform a systematic study of optimization problems in the Wasserstein spaces that are analogs of infinite horizon, deterministic control problems. We derive necessary conditions on action minimizing paths and present a sufficient condition for their existence. We also verify that the corresponding generalized value functions are a type of viscosity solution of a time independent, Hamilton–J...
متن کاملPricing Infinite Horizon Programs *
This paper continues the earlier studies [ 17, 181 whose object was to develop an abstract framework for the analysis of problems of resource allocation in continuous time over an infinite horizon. These papers gave conditions on the preferences and technology sufficient to guarantee the existence of an optimal program. In this paper I shall provide an answer to the following question. What str...
متن کاملInfinite Horizon Capm Equilibrium¤
This paper derives the equilibrium of an in ̄nite-horizon discrete-time CAPM economy in which agents have discounted expected quadratic utility functions. We show that there is an income stream obtainable by trading on the ̄nancial markets which best approximates perfect consumption smoothing (called the least variable income stream or LVI) such that the equilibrium consumption of each agent is ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economic Theory
سال: 2008
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-008-0423-z