Stochastic optimal growth with a non-compact state space
By: Yuzhe Zhang.
Contributors: Federal Reserve Bank of Minneapolis. Research Dept.
Series: Working paper / Federal Reserve Bank of Minneapolis, Research Dept. ;; 639; Working paper (Federal Reserve Bank of Minneapolis : Online) ;; 639.
Publisher: Federal Reserve Bank of Minneapolis, Research Dept.
Published: 2005
Place of publication: [Minneapolis, MN]
Language: eng
Format: Electronic resource
Description: "This paper studies the stability of a stochastic optimal growth economy introduced by Brock and Mirman [J. Econ. Theory 4 (1972)] by utilizing stochastic monotonicity in a dynamic system. The construction of two boundary distributions leads to a new method of studying systems with noncompact state space. The paper shows the existence of a unique invariant distribution. It also shows the equivalence between the stability and the uniqueness of the invariant distribution in this dynamic system."
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file (viewed on Nov. 1, 2005).
"October 2005. "
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.