Non-constant discounting in finite horizon: The free terminal time case
作者： Jesús Marín-Solano , Jorge Navas
DOI: 10.1016/J.JEDC.2008.08.008
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摘要: Abstract This paper derives the HJB (Hamilton–Jacobi–Bellman) equation for sophisticated agents in a finite horizon dynamic optimization problem with non-constant discounting continuous setting, by using programming approach. Special attention is paid to case of free terminal time. Strotz's model (a cake-eating non-renewable resource discounting) revisited. A consumption-saving used illustrate results time case.
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sci-hub.se 参考文章(11)
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