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An Introduction to the Theory and Its Applications.
Optimal consumption and investment in the economy with infinite number of consumption goods
Optimal Control Theory and Static Opimization. Firms themselves decide on prices and production levels capacity utilization on the basis of the stocks matematyyczna unsold commodities. McGraw-Hill, New York, The features which differentiate individual equilibria are the structure of fixed capital and the structure of ownership of the firms by capitalists.
A mathematical theory of saving.
Mathematical Analysis /
Cambrige University Press, Cambridge, Optimal consumption and investment in the economy with infinite number of consumption goods. According to the classical theory, capitalists allocate their capital in the firms in response to profitability differentials. Economic Journal, 38, Reproduction and distribution subject to the approval of the copyright owners.
Every single agent firm or capitalist takes his decisions autonomously, generally in disequilibrium. Decisions on capital allocation determine the stocks of fixed capital productive capacities of the firms. Next it is shown that a set of a continuum of equilibria exists, each of which characterized by the same uniform interest rate and the same balanced growth rate.
The model describes an economy in which n firms are owned by m capitalists. Cambridge University Press, Cambridge, In the article we present some extension for the classical problem of dynamic investment optimization.
Matematycznx Publications, New York, All papers reproduced by permission. Intriligator, North-Holland Publishing Company We take the neoclassical model of growth with one product and many consumption goods. The process of transforming product into consumption goods is described by another measure. Handbook of Mathematical Economics, red.
Podstawy ekonomii matematycznej: materiały do ćwiczeń – Google Books
Wydawnictwo Akademii Ekonomicznej w Poznaniu, Pozna, Springer-Verlag, Nowy Jork, Princeton University Press, Princeton, The number of consumption goods can be infinite and the consumption bundle is defined on some abstract, measurable space. A long-run classical equilibrium of the model is defined as a process of homothetic growth with equal profit rates.
We show that the problem of choosing optimal consumption paths for each good can be decomposed into 1 problem of choosing optimal aggregate consumption, which can be solved using standard methods of optimal control theory, 2 problem matematyvzna distribution aggregate consumption into consumption of specific goods. Springer- Verlag, Nowy Jork, The performance of the economy is measured by current value of the total utility in some planning horizon.
Deterministic and stochastic optimal control. The instantaneous social utility of consumption is measured as the integral of individual utilities of the consumption goods.
The purpose of the paper is to build and investigate a decentralized dynamic model of classical inspiration thought of as an alternative to the neoclassical walrasian general equilibrium models.
Diffusions, Markov processes and martingales, volume 1.