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The Ramsey Growth Model: Extensions and Algorithmic Solution
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SYSNO ASEP 0317868 Document Type K - Proceedings Paper (Czech conf.) R&D Document Type The record was not marked in the RIV Title The Ramsey Growth Model: Extensions and Algorithmic Solution Title Ramseův růstový model: zobecnění a algoritmická řešení Author(s) Sladký, Karel (UTIA-B) RID Source Title Výpočtová ekonomie: sborník 3.semináře. - Plzeň : Západočeská univerzita v Plzni, 2008 / Lukáš Ladislav - ISBN 978-80-7043-596-0
S. 79-88Number of pages 10 s. Publication form www - www Action Výpočtová ekonomie: 3. seminář Event date 21-12-2006 VEvent location Plůzeň Country CZ - Czech Republic Event type CST Language eng - English Country CZ - Czech Republic Keywords economic dynamics ; stochastic Ramsey type model ; Markov decision chains ; discretization and error bounds Subject RIV AH - Economics R&D Projects GA402/06/0990 GA ČR - Czech Science Foundation (CSF) GA402/05/0115 GA ČR - Czech Science Foundation (CSF) CEZ AV0Z10750506 - UTIA-B (2005-2011) Annotation We consider in discrete-time finite state approximations of an extended Ramsey type model under stochastic uncertainty. Recalling standard procedure of stochastic dynamic programming we present explicit formulas for finding maximum global utility of the consumers (i.e. sum of total discounted instantaneous utilities) in the approximated model along with error bounds of the approximations. Workplace Institute of Information Theory and Automation Contact Markéta Votavová, votavova@utia.cas.cz, Tel.: 266 052 201. Year of Publishing 2009
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