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Ramsey Growth Model Under Uncertainty
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SYSNO ASEP 0329457 Document Type C - Proceedings Paper (int. conf.) R&D Document Type Conference Paper Title Ramsey Growth Model Under Uncertainty Title Ramseův růstový model za neurčitosti Author(s) Sladký, Karel (UTIA-B) RID Source Title Proceedings of 27th International Conference Mathematical Methods in Economics 2009. - Prague : Czech University of Life Sciences Prague, 2009 / Brožová Helena - ISBN 978-80-213-1963-9 Pages s. 296-300 Number of pages 4 s. Action 27th International Conference Mathematical Methods in Economics 2009 Event date 09.09.2009-11.09.2009 VEvent location Kostelec nad Černými lesy Country CZ - Czech Republic Event type CST Language eng - English Country CZ - Czech Republic Keywords Economic dynamics ; Ramsey growth model ; Markov decision processes Subject RIV AH - Economics R&D Projects GA402/08/0107 GA ČR - Czech Science Foundation (CSF) CEZ AV0Z10750506 - UTIA-B (2005-2011) Annotation We consider an extended version of the Ramsey growth model under stochastic uncertaity modelled by Markov processes. In contrast to the standard model we assume that splitting of production between consumption and capital accumulation is influenced by some random factor, e.g. governed by transition probabilities depending on the current value of the accumulated capital, along with possible interventions of the decision maker. Basic properties of the standation formulation are summarized and compared with their counterpart in the extended version. Finding optimal policy of the extended model can be either performed by additional compensation of the (random) disturbances or can be also formulated as finding optimal control of a Markov decision process. Workplace Institute of Information Theory and Automation Contact Markéta Votavová, votavova@utia.cas.cz, Tel.: 266 052 201. Year of Publishing 2010
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