Fractal steady states in stochastic optimal control models (Q1808206)
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scientific article; zbMATH DE number 1373563
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| English | Fractal steady states in stochastic optimal control models |
scientific article; zbMATH DE number 1373563 |
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Fractal steady states in stochastic optimal control models (English)
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2 December 1999
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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.
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Markov dynamical system
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economic growth models
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invariant probability measures of optimal processes
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fractal sets
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0.7579004168510437
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0.7561912536621094
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0.7545437216758728
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0.7483898997306824
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0.7479691505432129
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