Fractal steady states in stochastic optimal control models
type: Item
instance of: scholarly article
title: Fractal steady states in stochastic optimal control models
zbMATH Open document ID: 0939.93042
DOI: 10.1023/A:1018978213041
author: Luigi Montrucchio
author: Fabio Privileggi
published in: Annals of Operations Research
publication date: 1999-12-02T00:00:00Z
review text: Sufficient conditions are presented under which a given Markov dynamical system is an optimal process of certain discrete-time, infinite-horizon, concave optimal control problem. Applying this result to economic growth models and analyzing their asymptotic behaviour, it is shown that the invariant probability measures of optimal processes can be concentrated on fractal sets.
Mathematics Subject Classification ID: 93E20
Mathematics Subject Classification ID: 91B70
Mathematics Subject Classification ID: 91B62
Mathematics Subject Classification ID: 49N45
zbMATH DE Number: 1373563
zbMATH Keywords: Markov dynamical system
zbMATH Keywords: economic growth models
zbMATH Keywords: invariant probability measures of optimal processes
zbMATH Keywords: fractal sets
reviewed by: Henrikas Pragarauskas
MaRDI profile type: Publication
full work available at URL: a:1018978213041
OpenAlex ID: W2118870524
description: scientific article; zbMATH DE number 1373563