On the smoothness of optimal paths. II. Some local turnpike results (Q2477607)
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scientific article; zbMATH DE number 5249576
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| English | On the smoothness of optimal paths. II. Some local turnpike results |
scientific article; zbMATH DE number 5249576 |
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On the smoothness of optimal paths. II. Some local turnpike results (English)
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14 March 2008
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The paper presents the proof of the smooth dependence of optimal solutions from the initial state, as a pair capital, discount rate in the optimal growth model with infinite horizon. The technique of the proof is taken from \textit{A. P. Araujo} and \textit{J. A. Scheinkmann} [Econometrica 45, 601--620 (1977; Zbl 0381.90107)], and is basing on the application of the implicit function theorem in the version of Banach space of convergent to \(0\) sequences. In the supplement the chosen theorems on the local stability of the second-order discrete dynamic systems are included. [For part I, see Decis. Econ. Finance 27, No. 1, 1--34 (2004; Zbl 1091.91053).]
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deterministic discrete-time maximization problem
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turnpike theory
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differentiability of optimal paths
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0.8248782157897949
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0.824189305305481
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0.8180680871009827
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0.8155174851417542
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