Fractal steady states in stochastic optimal control models (Q1808206)

From MaRDI portal
scientific article
Language Label Description Also known as
English
Fractal steady states in stochastic optimal control models
scientific article

    Statements

    Fractal steady states in stochastic optimal control models (English)
    0 references
    0 references
    0 references
    2 December 1999
    0 references
    Sufficient conditions are presented under which a given Markov dynamical system is an optimal process of certain discrete-time, infinite-horizon, concave optimal control problem. Applying this result to economic growth models and analyzing their asymptotic behaviour, it is shown that the invariant probability measures of optimal processes can be concentrated on fractal sets.
    0 references
    Markov dynamical system
    0 references
    economic growth models
    0 references
    invariant probability measures of optimal processes
    0 references
    fractal sets
    0 references

    Identifiers

    0 references
    0 references
    0 references
    0 references
    0 references
    0 references