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Generalised discounting in dynamic programming with unbounded returns |
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| Affiliation: | 1. Institute of Mathematics and Computer Science, Wrocław University of Technology, Wybrzeże Wyspiańskiego 27, 50-370 Wrocław, Poland;2. Faculty of Mathematics, Computer Science and Econometrics, University of Zielona Góra, Podgórna 50, 65-246 Zielona Góra, Poland |
| Abstract: | In this note we study a deterministic dynamic programming model with generalised discounting. We use a modified weighted norm approach and an approximation technique to a study of the Bellman equation for unbounded return functions. Furthermore, we apply this theory to economic growth models. |
| Keywords: | Dynamic programming Discount functions Unbounded returns Bellman equation Economic growth |
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