On the least upper bound of discount factors that are compatible with optimal period-three cycles
成果类型：
Article
署名作者：
Nishimura, K; Yano, M
署名单位：
Yokohama National University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.0057
发表日期：
1996
页码：
306-333
关键词：
摘要：
This study derives the least upper bound of discount factors of future utilities for which a cyclical optimal period-three path emerges in a standard model of optimal growth. For this purpose. we characterize a cyclical optimal period-three path by a dual path or prices. We then demonstrate that a condition far the existence of a cyclical optimal period-three path can be expressed by the existence of a solution to a sytem of linear equations. By solving this system, we demonstrate that the least upper bound is equal to (3 - root 5)/2. (C) 1996 Academic Press, Inc.