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Optimal consumption and investment in the economy with infinite number of consumption goods
The process of transforming product into consumption goods is described by another measure. Economic Journal, 38, According to the classical theory, capitalists allocate their capital in the firms in response to profitability differentials. Intriligator, North-Holland Publishing Company Handbook of Mathematical Economics, red.
Every single agent firm or capitalist takes his decisions autonomously, generally in disequilibrium. Wydawnictwo Akademii Ekonomicznej w Poznaniu, Pozna, Reproduction and distribution subject to the approval of the copyright owners.
ekonomia matematyczna emil panek pdf
Diffusions, Markov processes and martingales, volume 1. A long-run classical equilibrium of the model is defined as a ekonoima of homothetic growth with equal profit rates.
Cambrige University Press, Cambridge, The model describes an economy in which n firms are owned by m capitalists. The features which differentiate individual equilibria are the structure of fixed capital and the structure of ownership of the firms by capitalists.
Springer- Verlag, Nowy Jork, Deterministic and stochastic optimal control.
Elementy ekonomii matematycznej : statyka – Emil Panek • BookLikes (ISBN)
The number of consumption goods can be infinite and the consumption bundle is defined on some abstract, measurable space. Cambridge University Press, Cambridge, McGraw-Hill, New York, All papers reproduced by permission. Decisions on capital allocation determine the stocks of fixed capital productive capacities of the matemagyczna.
We take the neoclassical model of growth with one product and many consumption goods.
The instantaneous social utility of consumption is measured as the integral of individual utilities of the consumption goods. A mathematical theory of saving. Firms themselves decide on prices and production levels capacity utilization on the basis of the stocks of unsold commodities.
Podstawy ekonomii matematycznej: materiały do ćwiczeń – Google Books
The performance of the economy is measured by current value of the total utility in some planning horizon. Dover Publications, New York, We show that the problem of choosing optimal consumption paths for each good can be decomposed into 1 problem of choosing optimal aggregate consumption, which can be solved using standard methods of optimal control theory, 2 problem of distribution aggregate consumption into consumption of specific goods.
The purpose of the paper is to build and investigate a decentralized dynamic model of classical inspiration thought of as an alternative to the neoclassical walrasian general equilibrium models.
An Introduction to the Theory and Its Applications.
Next it is shown that a set of a continuum of equilibria exists, each of which characterized by the same uniform interest rate and the same balanced growth rate. Springer-Verlag, Nowy Jork, Mayematyczna consumption and investment in the economy with infinite number of consumption goods.
Princeton University Press, Princeton, In the article we present some extension for the classical problem of dynamic investment optimization. Optimal Control Theory and Static Opimization.