A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption. We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changing the variables. By the viscosity solution method, we established the existence of viscosity so...

An optimal consumption problem is studied in a growth model for the Cobb-Douglas production function in a finite horizon. The problem is transfered into a stochastic Ramsey problem so as to reduce the dimension of the state space. The corresponding state equation is a stochastic differential ∗The second author is supported in part by a start-up fund at University of Oxford, and RGC Earmarked Gr...

The agriculture sector is highly exposed to climate change and, consequently, to its risks. The climate risk is capable of altering other risks such as asset depletion (damage and loss to assets as a result of extreme climate events), price risks (risk of falling or rising prices) and financial risk (from possible increase of interest rates). Based on the assumption that climate changes indirec...

Quantitative analysis of production through evaluation of inputs consumption quantity is of main principles in agricultural policies, which is followed by increasing in production through optimal use of resources. This study has been conducted to estimate different types of production functions in mechanized farms of broiler chicks located in Gorgan city. Cross-section survey data were gathered...

We present a model of N-player contracting with transaction costs and endogenous property rights. Ex ante agreed surplus sharing can be altered ex post, after irreversible investments in production (characterised by the generalised Cobb-Douglas production function). The actual surplus sharing is determined ex post, after each player has chosen a costly action to alter the surplus sharing in his...

Cobb-Douglas Production Function was widely used in economics and productivity studies across many sectors. The function's quantitative modeling of resource inputs and production outputs is appealing to the research domain of construction management. In this thesis we explored this function's application in construction schedule crashing and project risk analysis related to duration of construc...

background determinants of health or health production function in health economics literature constitute noticeable issues in health promotion. this study aimed at estimating a health production function for east mediterranean region (emr) based on the grossman theoretical model.   methods this ecological study was performed using the econometric methods. the panel data model was used in order...

the study was conducted to indicate the determinants of technical efficiency of the dairy farmers in ada’a district of oromia state, ethiopia. the study was arranged in four purposively selected peasant associations of the peri-urban and four kebeles of the urban dairy production sub-systems from which thirty dairy farmers were selected randomly. a total of two hundred forty respondents were pe...

the present paper investigates the effect of production factors, including technology, physical capital and labour on the energy consumption intensity of iran. for this purpose, time series data during the period of (1974-2007) have been analyzed within cobb–douglas production function framework. the results of the study indicate that the technology and the physical capital have caused the aver...