Ramsey Growth Model Under Uncertainty

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985556%3A_____%2F09%3A00329457" target="_blank" >RIV/67985556:_____/09:00329457 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Ramsey Growth Model Under Uncertainty
Original language description
We consider an extended version of the Ramsey growth model under stochastic uncertaity modelled by Markov processes. In contrast to the standard model we assume that splitting of production between consumption and capital accumulation is influenced by some random factor, e.g. governed by transition probabilities depending on the current value of the accumulated capital, along with possible interventions of the decision maker. Basic properties of the standation formulation are summarized and compared with their counterpart in the extended version. Finding optimal policy of the extended model can be either performed by additional compensation of the (random) disturbances or can be also formulated as finding optimal control of a Markov decision process.
Czech name
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Czech description
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Project
<a href="/en/project/GA402%2F08%2F0107" target="_blank" >GA402/08/0107: Economic Decision Models: Dynamics and Risk</a><br>
Continuities
Z - Vyzkumny zamer (s odkazem do CEZ)

Publication year
2009
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of 27th International Conference Mathematical Methods in Economics 2009
ISBN
978-80-213-1963-9
ISSN
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e-ISSN
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Number of pages
4
Pages from-to
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Publisher name
Czech University of Life Sciences Prague
Place of publication
Prague
Event location
Kostelec nad Černými lesy
Event date
Sep 9, 2009
Type of event by nationality
CST - Celostátní akce
UT code for WoS article
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