摘要: This chapter focuses on the fundamentals of discrete-time models using recursive utility. We examine relation between preferences, utility, and aggregator, existence optimal paths, several notions impatience. In one-sector model, we characterize paths derive a turnpike theorem. Topics beyond scope this paper include continuous time involving uncertainty, property in multisector models, properties Pareto optima equilibrium models. Section 9.1 discusses limitations additive preferences some benefits more general utility specification. 9.2 examines associated aggregator function. A result is shown 9.3. Sections 9.4 9.5 focus model. Existence dynamic programming considered 9.4. characterizes via Euler equations then goes to prove Finally, 9.6 takes brief look at case where are both homothetic recursive.
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