On the indeterminacy of capital accumulation paths

摘要: Abstract In neoclassical optimal growth models the stability of accumulation paths depends on discount parameter. We prove that, for factors small enough, policy function which describes an path can be any type. The result is achieved using notion α-concavity. adopt a constructive approach. Given twice differentiable map we show how to construct problem produces that as function. A consequence “chaos” appear in these models. also provide bounds values parameter “indeterminacy” possible.