Optimal consumption models in economic growth |
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| Authors: | Hiroaki Morimoto |
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| Institution: | Department of Mathematical Sciences, Faculty of Science, Ehime University, Matsuyama 790-0826, Japan |
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| Abstract: | We study the optimal consumption problem in the one-sector model of economic growth under uncertainty. We show the existence of a classical solution of the Hamilton-Jacobi-Bellman equation associated with the stochastic optimization problem, and then give an optimal consumption policy in terms of its solution. |
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| Keywords: | Hamilton-Jacobi-Bellman equation Viscosity solutions Economic growth |
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