Chaos vs. Patience in a Macroeconomic Model of Capital Accumulation: New Applications of a Uniform Neighborhood Turnpike Theorem
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| Format: | Artículo científico |
| Langue: | en |
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El Colegio de México, A.C.
2004
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| _version_ | 1876450873142411264 |
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| author | César L. Guerrero Luchtenberg |
| author_facet | César L. Guerrero Luchtenberg |
| contents | Chaos vs. Patience in a Macroeconomic Model of Capital Accumulation: New Applications of a Uniform Neighborhood Turnpike Theorem César L. Guerrero Luchtenberg Economía y Finanzas We present in this paper some new results on the strong incompatibility between chaos and patience in a macroeconomic model of capital accumulation. These results are explicit and non-trivial applications of the general theorem proven in Guerrero-Luchtenberg (2000), in which the statement (theorem 2) chaos vanishes as the discount factor tends to one, is formally presented. Here, we show precisely how this statement applies to some important indicators of chaos not analyzed before. Furthermore, we will show that, for a given family of optimal growth models, there is a bound on the discount factor, say , such that, for any d larger than , any type of chaos is negligible. 2004 artículo científico 0188-6916 https://www.redalyc.org/articulo.oa?id=59719102 en http://www.redalyc.org/revista.oa?id=597 Estudios Económicos application/pdf El Colegio de México, A.C. Estudios Económicos (México) Num.1 Vol.19 |
| format | Artículo científico |
| id | redalyc_59719102 |
| institution | Redalyc |
| language | en |
| publishDate | 2004 |
| publisher | El Colegio de México, A.C. |
| spellingShingle | Chaos vs. Patience in a Macroeconomic Model of Capital Accumulation: New Applications of a Uniform Neighborhood Turnpike Theorem César L. Guerrero Luchtenberg Economía y Finanzas Chaos vs. Patience in a Macroeconomic Model of Capital Accumulation: New Applications of a Uniform Neighborhood Turnpike Theorem César L. Guerrero Luchtenberg Economía y Finanzas We present in this paper some new results on the strong incompatibility between chaos and patience in a macroeconomic model of capital accumulation. These results are explicit and non-trivial applications of the general theorem proven in Guerrero-Luchtenberg (2000), in which the statement (theorem 2) chaos vanishes as the discount factor tends to one, is formally presented. Here, we show precisely how this statement applies to some important indicators of chaos not analyzed before. Furthermore, we will show that, for a given family of optimal growth models, there is a bound on the discount factor, say , such that, for any d larger than , any type of chaos is negligible. 2004 artículo científico 0188-6916 https://www.redalyc.org/articulo.oa?id=59719102 en http://www.redalyc.org/revista.oa?id=597 Estudios Económicos application/pdf El Colegio de México, A.C. Estudios Económicos (México) Num.1 Vol.19 |
| title | Chaos vs. Patience in a Macroeconomic Model of Capital Accumulation: New Applications of a Uniform Neighborhood Turnpike Theorem |
| topic | Economía y Finanzas |
| url | https://www.redalyc.org/articulo.oa?id=59719102 |