On the Basis of the Hamilton-Jacobi-Bellman Equation in Economic Dynamics

 0 Người đánh giá. Xếp hạng trung bình 0

Tác giả: Yuhki Hosoya

Ngôn ngữ: eng

Ký hiệu phân loại: 330.153 Classical economics

Thông tin xuất bản: 2021

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 166251

We consider the classical Ramsey-Cass-Koopmans capital accumulation model and present three examples in which the Hamilton-Jacobi-Bellman (HJB) equation is neither necessary nor sufficient for a function to be the value function. Next, we present assumptions under which the HJB equation becomes a necessary and sufficient condition for a function to be the value function, and using this result, we propose a new method for solving the original problem using the solution to the HJB equation. Our assumptions are so mild that many macroeconomic growth models satisfy them. Therefore, our results ensure that the solution to the HJB equation is rigorously the value function in many macroeconomic models, and present a new solving method for these models.
Tạo bộ sưu tập với mã QR

THƯ VIỆN - TRƯỜNG ĐẠI HỌC CÔNG NGHỆ TP.HCM

ĐT: (028) 36225755 | Email: tt.thuvien@hutech.edu.vn

Copyright @2024 THƯ VIỆN HUTECH