On the existence of optimal processes in non-stationary environments (Q1176189)
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scientific article; zbMATH DE number 13567
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | On the existence of optimal processes in non-stationary environments |
scientific article; zbMATH DE number 13567 |
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On the existence of optimal processes in non-stationary environments (English)
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25 June 1992
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An aggregative model of intertemporal allocation under uncertainty is considered in which the utility and production functions are allowed to be time dependent, the random shocks occurring in each period are entirely arbitrary, and the production functions are permitted to be non- concave. In this framework a theorem on the existence of infinite-horizon optimal processes is provided. In the course of establishing this result the existence of optimal policy functions are obtained and it is shown that they are monotone in the stock levels.
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non-stationary environments
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aggregative model
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intertemporal allocation under uncertainty
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existence of infinite-horizon optimal processes
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optimal policy functions
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