The Policy Function of a Discrete‐Choice Problem is a Random Number Generator
关键词:
摘要: This paper studies a life-cycle model in which the consumption good is assumed to be indivisible. assumption requires number of units purchased each period an integer. It shown that, if discount factor (β) sufficiently small, policy function takes form pseudo-random generator or, more precisely, linear congruential generator. also that optimal plans are almost always asymptotically non-periodic regardless factor. Various numerical examples value and provided. JEL Classification Numbers: C61, D91, E32.
springer.com
sci-hub.se 参考文章(14)
John Rust, Chapter 14 Numerical dynamic programming in economics Handbook of Computational Economics. ,vol. 1, pp. 619- 729 ,(1996) , 10.1016/S1574-0021(96)01016-7
John Rust, Advances in Econometrics: Estimation of dynamic structural models, problems and prospects: discrete decision processes Research Papers in Economics. ,(1994) , 10.1017/CCOL0521444608.004
Takashi Kamihigashi, Chaotic dynamics in quasi-static systems: theory and applications Journal of Mathematical Economics. ,vol. 31, pp. 183- 214 ,(1999) , 10.1016/S0304-4068(97)00055-4
Takashi Kamihigashi, Indivisible labor implies chaos Economic Theory. ,vol. 15, pp. 585- 598 ,(2000) , 10.1007/S001990050313
Kazuo Nishimura, Gerhard Sorger, Makoto Yano, Ergodic chaos in optimal growth models with low discount rates Economic Theory. ,vol. 4, pp. 296- 314 ,(1994) , 10.1007/978-3-662-04060-7_9
Kazuo Nishimura, Gerhard Sorger, Optimal Cycles and Chaos: A Survey Studies in Nonlinear Dynamics & Econometrics. ,vol. 1, pp. 1- 20 ,(1996) , 10.2202/1558-3708.1009
James Peck, Demand Uncertainty, Incomplete Markets, and the Optimality of Rationing Journal of Economic Theory. ,vol. 70, pp. 342- 363 ,(1996) , 10.1006/JETH.1996.0093
Aditya Goenka, Karl Shell, When sunspots don't matter Economic Theory. ,vol. 9, pp. 169- 178 ,(1997) , 10.1007/BF01213451
Kazuo Nishimura, Makoto Yano, Non-linear Dynamics and Chaos in Optimal Growth: An Example Econometrica. ,vol. 63, pp. 127- 150 ,(1995) , 10.1007/978-3-642-22397-6_6
Michele Boldrin, Luigi Montrucchio, On the indeterminacy of capital accumulation paths Journal of Economic Theory. ,vol. 40, pp. 26- 39 ,(1986) , 10.1016/0022-0531(86)90005-0