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Stochastic optimal growth with nonconvexities |
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| Authors: | Kazuo Nishimura Ryszard Rudnicki John Stachurski |
| Affiliation: | 1. Institute of Economic Research, Kyoto University, Yoshida-honmachi, Sakyo-ku, Kyoto 606-8501, Japan;2. Institute of Mathematics, Polish Academy of Sciences and Institute of Mathematics, Silesian University, Bankowa 14, 40–007 Katowice, Poland;3. Department of Economics, The University of Melbourne, Melbourne, Vic. 3010, Australia |
| Abstract: | This paper studies optimal investment and dynamic behavior in stochastically growing economies. We assume neither convex technology nor bounded support of the productivity shocks. A number of basic results concerning the investment policy and the Ramsey–Euler equation are established. We also prove a fundamental dichotomy pertaining to optimal growth models perturbed by standard econometric shocks: either an economy is globally stable or it is globally collapsing to the origin. |
| Keywords: | C61 C62 O41 |
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