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STOCHASTIC VERSION OF POLTEROVICH'S MODEL: EXPONENTIAL TURNPIKE THEOREMS FOR EQUILIBRIUM PATHS

Published online by Cambridge University Press:  01 June 1999

Rabah Amir and
Igor Evstigneev
Rabah Amir
Affiliation:
University of Southern Denmark
Igor Evstigneev
Affiliation:
Central Economics and Mathematics Institute, Academy of Sciences of Russia
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Abstract

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The paper examines a stochastic analogue of the Polterovich model ofeconomic dynamics. The study focuses on the asymptotic properties ofequilibrium paths. The main results are stochastic turnpike theorems withexponential estimates of the convergence rate.

Keywords

Equilibrium DynamicsPolterovich's modelStochastic Equilibrium PathsExponential Turnpike PropertyStationary Equilibrium

Information

Type
Research Article
Information
Macroeconomic Dynamics , Volume 3 , Issue 2 , June 1999, pp. 149 - 166
Copyright
© 1999 Cambridge University Press