Necessity of the transversality condition for stochastic models with bounded or CRRA utility

DOI10.1016/j.jedc.2004.07.007zbMath1198.91155OpenAlexW2569319662MaRDI QIDQ956434

Takashi Kamihigashi

Publication date: 25 November 2008

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/dp152.pdf

zbMATH Keywords

stochastic optimizationtransversality conditionreal business cyclestochastic growthCRRA

Mathematics Subject Classification ID

Stochastic models in economics (91B70) Multisectoral models in economics (91B66) Economic growth models (91B62)

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