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Stochastic optimal policies when the discount rate vanishes

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dc.contributor.authorNishimura, Kazuo
dc.contributor.authorStachurski, John
dc.date.accessioned2015-12-08T22:11:02Z
dc.date.issued2007
dc.date.updated2015-12-08T07:37:54Z
dc.description.abstractDutta [1991. What do discounted optima converge to? A theory of discount rate asymptotics in economic models. Journal of Economic Theory 55, 64-94] showed that long-run optimality of the limit of discounted optima when the discount rate vanishes is implied by a certain bound on the value function of the optimal program. We introduce a new method to verify this bound using coupling techniques.
dc.identifier.issn0165-1889
dc.identifier.urihttp://hdl.handle.net/1885/29619
dc.publisherElsevier
dc.sourceJournal of Economic Dynamics and Control
dc.subjectKeywords: Dynamic programming; Long-run optimality
dc.titleStochastic optimal policies when the discount rate vanishes
dc.typeJournal article
local.bibliographicCitation.issue4
local.bibliographicCitation.lastpage1430
local.bibliographicCitation.startpage1416
local.contributor.affiliationNishimura, Kazuo, Kyoto University
local.contributor.affiliationStachurski, John, College of Business and Economics, ANU
local.contributor.authoruidStachurski, John, u3915156
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.identifier.absfor140102 - Macroeconomic Theory
local.identifier.ariespublicationu9501697xPUB66
local.identifier.citationvolume31
local.identifier.doi10.1016/j.jedc.2006.05.011
local.identifier.scopusID2-s2.0-33847057393
local.type.statusPublished Version

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