Optimal consumption in a stochastic Ramsey model with Cobb-Douglas production function
A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption.We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changi...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Hindawi Publishing Corporation
2013
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| Subjects: | |
| Online Access: | https://repo.uum.edu.my/id/eprint/10617/1/68.pdf |