Optimal saving under Poisson uncertainty
成果类型：
Article
署名作者：
Wälde, K
署名单位：
Dortmund University of Technology; The World Bank
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2529
发表日期：
1999
页码：
194-217
关键词：
摘要：
This paper studies optimal saving and investment behaviour of a household that can either invest in a riskless or a risky saving technology when risk results from a Poisson process. The focus is on behaviour of households in a general equilibrium setup. Poisson processes are introduced since they allow us to understand and model endogenous cycles jointly with long-run growth. It turns out that a very simple, intuitive and tractable characterization of equilibrium is possible. Journal of Economic Literature Classification Numbers: C61, O33, O41. (C) 1999 Academic Press.