What do discounted optima converge to!: A theory of discount rate asymptotics in economic models

DOI10.1016/0022-0531(91)90059-DzbMath0743.90024OpenAlexW2029891219MaRDI QIDQ1181223

Prajit K. Dutta

Publication date: 27 June 1992

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(91)90059-d

zbMATH Keywords

discounted optimal policiesstochastic dynamic problems

Mathematics Subject Classification ID

Economic growth models (91B62) Stochastic systems in control theory (general) (93E03)

Related Items (27)

On the optimality equation for average cost Markov control processes with Feller transition probabilities ⋮ Duality between discounted and undiscounted models of optimal growth for a class of utility functions ⋮ Markovian equilibrium in a class of stochastic games: Existence theorems for discounted and undiscounted models ⋮ Sustainable social choice under risk ⋮ Competition, innovation, and the effect of R\&D knowledge ⋮ Existence in undiscounted non-stationary non-convex multisector environments ⋮ Selection in dynamic entry games ⋮ Equilibrium in a dynamic game of capital accumulation with the overtaking criterion ⋮ Quasi-stationary social welfare functions ⋮ Intertemporal equity and the extension of the Ramsey criterion. ⋮ Undiscounted bandit games ⋮ Parametric continuity in dynamic programming problems ⋮ Optimal policy in OG models ⋮ Dynamic Games with an Application to Climate Change Models ⋮ The green golden rule ⋮ Constrained Markov decision processes in Borel spaces: from discounted to average optimality ⋮ Parametric continuity in dynamic programming problems ⋮ Long-run average welfare in a pollution accumulation model ⋮ Strategic resource dependence ⋮ Finite horizon optimization. Sensitivity and continuity in multi-sectoral models ⋮ Imitation and experimentation in changing contests ⋮ The vanishing discount approach to constrained continuous-time controlled Markov chains ⋮ Asymptotic behavior of the value functions of discrete-time discounted optimal control ⋮ Asymptotic properties in dynamic programming ⋮ Stochastic optimal policies when the discount rate vanishes ⋮ Intertemporal objective functions: strong Pareto versus anonymity ⋮ Entry and vertical differentiation

Cites Work

• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Unnamed Item
• Equilibrium in supergames with the overtaking criterion
• A complete characterization of optimal growth paths in an aggregated model with a non-concave production function
• Capital deepening and impatience equivalence in stochastic aggregative growth models
• A stochastic model for the economic management of a renewable animal resource
• Averaging vs. discounting in dynamic programming: a counterexample
• Controlled semi-Markov models under long-run average rewards
• Monitoring Cooperative Agreements in a Repeated Principal-Agent Relationship
• On Optimal Depletion of Exhaustible Resources: Existence and Characterization Results
• Markovian Decision Processes with Compact Action Spaces
• The Folk Theorem in Repeated Games with Discounting or with Incomplete Information
• Markovian Sequential Replacement Processes
• Optimal Growth in a Linear-Logarithmic Economy
• Non-Discounted Denumerable Markovian Decision Models
• Arbitrary State Markovian Decision Processes
• On Existence of Weakly Maximal Programmes in a Multi-Sector Economy
• A Theory of Monopolistic Price Adjustment

This page was built for publication: What do discounted optima converge to!: A theory of discount rate asymptotics in economic models