منابع مشابه
Optimal growth and uncertainty: Learning
We introduce learning in a Brock-Mirman environment and study the effect of risk generated by the planner’s econometric activity on optimal consumption and investment. Here, learning introduces two sources of risk about future payoffs: structural uncertainty and uncertainty from the anticipation of learning. The latter renders control and learning nonseparable. We present two sets of results in...
متن کاملUncertainty, Optimal Specialization and Growth
We present a novel argument demonstrating that when trade is characterized by uncertainty the comparative advantages doctrine is misleading and a positive level of diversification is growth enhancing. Applying a result developed in the mathematical biological literature, we show that, in Ricardian trade model in which capital available for investment depends on previous periods returns, incompl...
متن کاملwww.econstor.eu Uncertainty, Optimal Specialization and Growth
We present a novel argument demonstrating that when trade is characterized by uncertainty the comparative advantages doctrine is misleading and a positive level of diversification is growth enhancing. Applying a result developed in the mathematical biological literature, we show that, in Ricardian trade model in which capital available for investment depends on previous periods returns, incompl...
متن کاملOptimal Economic Growth And Uncertainty: The Discounted Case
The cornerstone of one-sector optimal economic growth models is the existence and stability of a steady-state solution for optimal consumption policies. The optimal consumption policy is the stable branch of the saddle point solution of the system of differential equations governing the dynamics of the economy. Examples of this type of behavior can be found in Cass [2] and Koopmans [4]. However...
متن کاملPrediction uncertainty and optimal experimental design for learning dynamical systems.
Dynamical systems are frequently used to model biological systems. When these models are fit to data, it is necessary to ascertain the uncertainty in the model fit. Here, we present prediction deviation, a metric of uncertainty that determines the extent to which observed data have constrained the model's predictions. This is accomplished by solving an optimization problem that searches for a p...
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: Journal of Economic Theory
سال: 2009
ISSN: 0022-0531
DOI: 10.1016/j.jet.2008.04.002