About: Some Remarks on Stochastic Versions of the Ramsey Growth Model

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	In this note we focus attention on stochastic versions of the Ramsey growth model if either for a given time horizon expected value of the considered utility function should be maximized or if for infinite time horizon maximal average utility should be obtained. In contrast to the standard Ramsey economy growth model we assume that the production function considered in the economy model is influenced by some random factor with some specific properties. The aim is to discuss various approaches suitable for finding optimal policy of the %22stochasticized%22 Ramsey model. To this end, we summarize basic features of multistage stochastic programming and stochastic dynamic programming, the two main methodologies that can be used to handle the above problem. Finally, we show how these approaches can be employed for finding optimal control policies for the %22stochasticized%22 versions of the Ramsey problem if full or only partial information on the development of the economy over time is available. In this note we focus attention on stochastic versions of the Ramsey growth model if either for a given time horizon expected value of the considered utility function should be maximized or if for infinite time horizon maximal average utility should be obtained. In contrast to the standard Ramsey economy growth model we assume that the production function considered in the economy model is influenced by some random factor with some specific properties. The aim is to discuss various approaches suitable for finding optimal policy of the %22stochasticized%22 Ramsey model. To this end, we summarize basic features of multistage stochastic programming and stochastic dynamic programming, the two main methodologies that can be used to handle the above problem. Finally, we show how these approaches can be employed for finding optimal control policies for the %22stochasticized%22 versions of the Ramsey problem if full or only partial information on the development of the economy over time is available. (en)
Title	Some Remarks on Stochastic Versions of the Ramsey Growth Model Some Remarks on Stochastic Versions of the Ramsey Growth Model (en)
skos:prefLabel	Some Remarks on Stochastic Versions of the Ramsey Growth Model Some Remarks on Stochastic Versions of the Ramsey Growth Model (en)
skos:notation	RIV/67985556:_____/12:00386849!RIV13-AV0-67985556
http://linked.open...avai/riv/aktivita	I P
http://linked.open...avai/riv/aktivity	I, P(GAP402/10/0956), P(GAP402/10/1610), P(GAP402/11/0150)
http://linked.open...iv/cisloPeriodika	29
http://linked.open...vai/riv/dodaniDat	2013
http://linked.open...aciTvurceVysledku	Sladký, Karel
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Ústav teorie informace a automatizace AV ČR, v. v. i.
http://linked.open...dnocenehoVysledku	169228
http://linked.open...ai/riv/idVysledku	RIV/67985556:_____/12:00386849
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Economic dynamics; Ramsey growth model with disturbance; stochastic dynamic programming; multistage stochastic programs (en)
http://linked.open.../riv/klicoveSlovo	Economic dynamics Ramsey growth model with disturbance multistage stochastic programs stochastic dynamic programming
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[B85A95560797]
http://linked.open...i/riv/nazevZdroje	Bulletin of the Czech Econometric Society
http://linked.open...in/vavai/riv/obor	BB
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...vavai/riv/projekt	Rational Decision Making at Markets with Asynchronous Trading: Theory and Emprical Evidence The Interplay of Theory and Applications in Stochastic Decision Problems Stochastic Economic Models under Uncertainty: Development over Time and Optimization
http://linked.open...UplatneniVysledku	2012
http://linked.open...v/svazekPeriodika	19
http://linked.open...iv/tvurceVysledku	Sladký, Karel
issn	1212-074X
number of pages	14 (xsd:int)

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