On the possibility of extinction in a class of Markov processes in economics

DOI10.1016/j.jmateco.2007.01.005zbMath1193.91094OpenAlexW2161159954MaRDI QIDQ2384444

Santanu Roy, Tapan Mitra

Publication date: 21 September 2007

Published in: Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jmateco.2007.01.005

zbMATH Keywords

Markov processextinctionconservationtransition functionsafe standardStochastic dynamic model

Mathematics Subject Classification ID

Stochastic models in economics (91B70) Economic growth models (91B62) Environmental economics (natural resource models, harvesting, pollution, etc.) (91B76) Ecology (92D40)

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Cites Work

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• Stochastic optimal growth with nonconvexities
• Stochastic dynamic models with stock-dependent rewards
• On optimal growth under uncertainty
• Stationary measures for some Markov chain models in ecology and economics
• Optimal exploitation of renewable resources under uncertainty and the extinction of species
• Almost sure convergence to zero in stochastic growth models
• Dynamic efficiency of conservation of renewable resources under uncertainty.

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