𝔖 Bobbio Scriptorium
✦   LIBER   ✦

An analytical approximate solution to the problem of precautionary savings

✍ Scribed by Gabriel Talmain

Publisher
Elsevier Science
Year
1998
Tongue
English
Weight
120 KB
Volume
23
Category
Article
ISSN
0165-1889

No coin nor oath required. For personal study only.

✦ Synopsis

This paper considers the problem of precautionary savings for an expected utility specification with finite horizon. The exact solution is known for only a few cases. Numerical methods have limited applications because of Bellman's 'curse of dimensionality'. This paper derives a simple analytical approximate solution for a general specification of the felicity function which is linear in the variance of the innovations on human wealth. Numerically, the approximation is very accurate for realistic values of the parameters of the problem.

πŸ“œ SIMILAR VOLUMES

An approximate analytical solution to th
An approximate analytical solution to the Graetz problem with periodic inlet temperature
✍ B. Fourcher; K. Mansouri πŸ“‚ Article πŸ“… 1997 πŸ› Elsevier Science 🌐 English βš– 523 KB

Unsteady heat transfer for fully developed laminar flow with a parabolic velocity profile through a parallel-plate channel, subjected to sinusoidally varying inlet temperature is considered. A boundary condition which accounts for the effects of both external convection and wall thermal capacitance

An approximate analytic solution of the
An approximate analytic solution of the Blasius problem
✍ Faiz Ahmad; Wafaa H. Al-Barakati πŸ“‚ Article πŸ“… 2009 πŸ› Elsevier Science 🌐 English βš– 108 KB

The [4/3] Pade approximant for the derivative is modified so that the resulting expression has the required asymptotic behavior. This gives an analytical result which represents the solution of the classical Blasius problem on the whole domain.

An Approximate Solution to the Behrens-F
An Approximate Solution to the Behrens-Fisher Problem
✍ Dinesh S. Bhoj πŸ“‚ Article πŸ“… 1993 πŸ› John Wiley and Sons 🌐 English βš– 264 KB

An approximate and practical solution is proposed for the Behrens-Fisher problem. This solution is compared to the solutions considered by MEHTA and SRINIVASAN (1970) and WELCH'S (1937) approximate t-test in terms of the stability of the size and magnitude of the power. It is shown that the stabilit

An approximative solution to the Zookeep
An approximative solution to the Zookeeper's Problem
✍ HΓ₯kan Jonsson πŸ“‚ Article πŸ“… 2003 πŸ› Elsevier Science 🌐 English βš– 200 KB

Consider a simple polygon P containing disjoint convex polygons each of which shares an edge with P . The Zookeeper's Problem then asks for the shortest route in P that visits all convex polygons without entering their interiors. Existing algorithms that solve this problem run in time super-linear i