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Capital accumulation games with a non-concave production function

✍ Scribed by Engelbert J. Dockner; Kazuo Nishimura


Book ID
116635139
Publisher
Elsevier Science
Year
2005
Tongue
English
Weight
125 KB
Volume
57
Category
Article
ISSN
0167-2681

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This work considers a one-good economy. The production function is random and not necessarily concave; the interest factor is variable and the consumer must maximize asymptotically the expected accumulated and discounted utility. One proves that the value function is concave and the limit policy is