A uniform neighborhood turnpike theorem and applications (Q1590378): Difference between revisions

The paper presents two new neighborhood-type turnpike theorems within the framework of the quasi-stationary, constant technology, reduced growth model. In contrast to the standard turnpike theorems, these results show an uniform turnpike property for solutions of a dynamic optimization problem given by a family of felicity functions. Further an application is presented: when the discount factor tends to one then the chance of the observing chaotic behavior of the optimal solution tends to zero.