The proof of the "late" turnpike property in optimal growth theory requires constructing a bounded value-loss process that records a strictly positive value-loss when paths of capital accumulation from di erent initial stocks diverge. Uniformity assumptions strengthen this sensitivity by ensuring th
Irreversibility and the behavior of aggregate stochastic growth models
β Scribed by James P. Dow Jr.; Lars J. Olson
- Publisher
- Elsevier Science
- Year
- 1992
- Tongue
- English
- Weight
- 656 KB
- Volume
- 16
- Category
- Article
- ISSN
- 0165-1889
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