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Optimal Consumption in a Stochastic Ramsey Model with Cobb-Douglas Production Function
Joint Authors
Baten, Md. Azizul
Kamil, Anton Abdulbasah
Source
International Journal of Mathematics and Mathematical Sciences
Issue
Vol. 2013, Issue 2013 (31 Dec. 2013), pp.1-8, 8 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2013-03-23
Country of Publication
Egypt
No. of Pages
8
Main Subjects
Abstract EN
A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption.
We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changing the variables.
By the viscosity solution method, we established the existence of viscosity solution of the transformed Hamilton-Jacobi-Bellman equation associated with this model.
Finally, the optimal consumption policy is derived from the optimality conditions in the HJB equation.
American Psychological Association (APA)
Baten, Md. Azizul& Kamil, Anton Abdulbasah. 2013. Optimal Consumption in a Stochastic Ramsey Model with Cobb-Douglas Production Function. International Journal of Mathematics and Mathematical Sciences،Vol. 2013, no. 2013, pp.1-8.
https://search.emarefa.net/detail/BIM-490382
Modern Language Association (MLA)
Baten, Md. Azizul& Kamil, Anton Abdulbasah. Optimal Consumption in a Stochastic Ramsey Model with Cobb-Douglas Production Function. International Journal of Mathematics and Mathematical Sciences No. 2013 (2013), pp.1-8.
https://search.emarefa.net/detail/BIM-490382
American Medical Association (AMA)
Baten, Md. Azizul& Kamil, Anton Abdulbasah. Optimal Consumption in a Stochastic Ramsey Model with Cobb-Douglas Production Function. International Journal of Mathematics and Mathematical Sciences. 2013. Vol. 2013, no. 2013, pp.1-8.
https://search.emarefa.net/detail/BIM-490382
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-490382