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Statements

Subject Item
n2:RIV%2F67985556%3A_____%2F12%3A00386849%21RIV13-AV0-67985556
rdf:type
skos:Concept n16:Vysledek
dcterms: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.
dcterms:title
Some Remarks on Stochastic Versions of the Ramsey Growth Model Some Remarks on Stochastic Versions of the Ramsey Growth Model
skos:prefLabel
Some Remarks on Stochastic Versions of the Ramsey Growth Model Some Remarks on Stochastic Versions of the Ramsey Growth Model
skos:notation
RIV/67985556:_____/12:00386849!RIV13-AV0-67985556
n16:predkladatel
n17:ico%3A67985556
n3:aktivita
n13:P n13:I
n3:aktivity
I, P(GAP402/10/0956), P(GAP402/10/1610), P(GAP402/11/0150)
n3:cisloPeriodika
29
n3:dodaniDat
n9:2013
n3:domaciTvurceVysledku
n15:6105955
n3:druhVysledku
n14:J
n3:duvernostUdaju
n8:S
n3:entitaPredkladatele
n10:predkladatel
n3:idSjednocenehoVysledku
169228
n3:idVysledku
RIV/67985556:_____/12:00386849
n3:jazykVysledku
n18:eng
n3:klicovaSlova
Economic dynamics; Ramsey growth model with disturbance; stochastic dynamic programming; multistage stochastic programs
n3:klicoveSlovo
n12:Economic%20dynamics n12:stochastic%20dynamic%20programming n12:Ramsey%20growth%20model%20with%20disturbance n12:multistage%20stochastic%20programs
n3:kodStatuVydavatele
CZ - Česká republika
n3:kontrolniKodProRIV
[B85A95560797]
n3:nazevZdroje
Bulletin of the Czech Econometric Society
n3:obor
n5:BB
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
1
n3:projekt
n7:GAP402%2F10%2F0956 n7:GAP402%2F11%2F0150 n7:GAP402%2F10%2F1610
n3:rokUplatneniVysledku
n9:2012
n3:svazekPeriodika
19
n3:tvurceVysledku
Sladký, Karel
s:issn
1212-074X
s:numberOfPages
14