Optimal consumption in a stochastic Ramsey model with Cobb-Douglas production function

• المؤلفون الرئيسيون: Baten, Md Azizul, Kamil, Anton Abdulbasah
• التنسيق: مقال
• اللغة: English
• منشور في: Hindawi Publishing Corporation 2013
• الموضوعات: QA Mathematics
• الوصول للمادة أونلاين: http://repo.uum.edu.my/10617/1/68.pdf; http://repo.uum.edu.my/10617/; http://dx.doi.org/10.1155/2013/684757

A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption.We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changi...