A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-Concave Production Function

Article Abstract:

Under assumption of non-convey technology a characterization is derived for optimal one-sector growth. Capital stock sequence must be monotonic. An optimal program is derived when interest rates are in the intermediate range. The use of the principle of optimality is found useful when applied to non-convey dynamics.

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Optimal Steady-State in Stationary Consumption-Loan Type Models

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Stationary, overlapping-generations economies are examined to discover if an optimal steady-state exists. Government intervention may be needed temporarily to maintain a steady-state. The balance of the population growth and interest rates determine the need for outside money.

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The stochastic lake game: a numerical solution

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Usage of a numerical model to solve stochastic dynamic programming problem of lake water pollution is presented.

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