Applied Intertemporal Optimization
نویسندگان
چکیده
منابع مشابه
Dynamic Lecture 5: Discrete Time Intertemporal Optimization
at+1 = (1 + r)(at + yt − ct), t = 0, 1, . . . , T r > 0, a0 given Where at denotes assets (or wealth) held at the beginning of period t, yt is labor income in period t, ct denotes consumption expenditure incurred in period t, β is the discount factor, r is the interest rate, and u() represents the period-by-period utility function, assumed to be twice continuously differentiable, strictly incre...
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When an intertemporal optimization problem over a time interval [t0, T ] is linear and can be solved via dynamic programming, the Bellman’s principle holds, and the optimal control map has the desirable feature of being tail-optimal in the right queue; moreover, the optimizer keeps solving the same problem at any time time t with renovated conditions: we will say that he is preferences-consiste...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1547776