Discounting and optimizing: Capital accumulation problems as variational minmax problems
成果类型：
Article
署名作者：
Geoffard, PY
署名单位：
Centre National de la Recherche Scientifique (CNRS)
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0037
发表日期：
1996
页码：
53-70
关键词：
摘要：
The variational utility of a deterministic, infinite horizon consumption path is defined as the minimum value of an additive criterion, taken over all possible future values of the rate of time preference. Special cases of variational utility include additive and recursive models. A reduced-form capital accumulation problem under variational utility is studied here. The optimal capital path is characterized by a Hamiltonian dynamical system, together with two transversality conditions at infinity. The Hamiltonian structure is applied to standard additive, or recursive, capital accumulation problems, Under a separability assumption, a stability result is extended from the additive to the recursive case. (C) 1996 Academic Press, Inc.
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