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)

Related Items

Sustainable management of fossil fuels: a dynamic stochastic optimization approach with jump-diffusion ⋮ Optimality of Ramsey-Euler policy in the stochastic growth model ⋮ Fifty years of mathematical growth theory: classical topics and new trends ⋮ Sustained positive consumption in a model of stochastic growth: the role of risk aversion

Cites Work

• Unnamed Item
• Unnamed Item
• 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.