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Housing Supply and the Effects of Stochastic Development Control

โœ Scribed by Stephen Mayo; Stephen Sheppard


Book ID
115624151
Publisher
Elsevier Science
Year
2001
Tongue
English
Weight
114 KB
Volume
10
Category
Article
ISSN
1051-1377

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In this paper we extend Merton's (Rev. Econom. Stud. 42 (1975) 375) classic stochastic version of the Ramsey model by allowing the government to control the expected growth rate of the labor supply. We characterize the solution to this control problem for general time-separable preferences, and deri