کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10474834 928596 2005 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Recursive utility and optimal growth with bounded or unbounded returns
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Recursive utility and optimal growth with bounded or unbounded returns
چکیده انگلیسی
In this paper, we propose a unifying approach to the study of recursive economic problems. Postulating an aggregator function as the fundamental expression of tastes, we explore conditions under which a utility function can be constructed. We also modify the usual dynamic programming arguments to include this class of models. We show that Bellman's equation still holds, so many results known for the additively separable case can be generalized for this general description of preferences. Our approach is general, allowing for both bounded and unbounded returns. Many recursive economic models studied in the literature are particular cases of our setting.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 123, Issue 2, August 2005, Pages 187-209
نویسندگان
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