消费-投资增长模型

本文考虑代表性个体既是消费者,又是投资者,假设收益是不确定的,服从一个随机过程,利用随机优化理论和动力系统,给出消费一投资增长模型．分析均衡点的稳定性,并讨论利率、消费税、收入所得税、市场收益的波动率等参数对它们的影响。

CONSUMPTION-INVESTMENT GROWTH MODEL

The paper considers an investment and consumption growth model which generalizes a number of models that have been studied in literature.The model involves consumption and investment decisions as well as their growth rate for a single agent who consumes and invests in a riskless asset and a risky one.The objective is to maximize the total expected discounted utility of consumption.Using stochastic optimal control and dynamic system,the paper presents consumption-investment optimal decisions and their growth rate satisfy with two-dimension dynamic system.Finally,the paper discussed the stability of equilibrium point and the effect of the key parameters on the equilibrium value.