Recursive Utility and Turnpike Theory for GMM Thompson Aggregators

Recursive Utility : Discrete Time Theory ∗

Consumption-Based Asset Pricing with Recursive Utility

In this paper it has been attempted to investigate the capability of the consumption-based capital asset pricing model (CCAPM), using the general method of moment (GMM), with regard to the Epstien-zin recursive preferences model for Iran's capital market. Generally speaking, recursive utility permits disentangling of the two psychologically separate concepts of risk aversion and elasticity of i...

Recursive Handwriting Recognition Using Epistemic Utility Theory

In most handwriting recognition systems, the processing steps of segmentation, recognition, decision making and postprocessing are serially taken. These systems usually use the resources exhaustively in each stage of the serial engine. Every stage is tuned to maximize global performance. However, such a paradigm is prone to miss the gloabl optimal point because the individual stages often do no...

Recursive Utility for Stochastic Trees

Stochastic trees are semi-Markov processes represented using tree diagrams. Such trees have been found useful for prescriptive modeling of temporal medical treatment choice. We consider utility functions over stochastic trees which permit recursive evaluation in a graphically intuitive manner analogous to decision tree rollback. Such rollback is computationally intractable unless a low-dimensio...

An Integration of Equilibrium Theory and Turnpike Theory*

This paper indicates one way to link equilibrium theory with capital theory and especially with turnpike theory. I consider a model with finitely many, infinitely lived consumers. Their utility functions are additively separable with respect to time and they discount future utility. There are finitely many, infinitely lived firms. Primary resources are necessary for production and their supply ...