Optimal development programs under uncertainty: The undiscounted case
Jeanjean, Patrick (1974), Optimal development programs under uncertainty: The undiscounted case, Journal of Economic Theory, 7, 1, p. 66-92. http://dx.doi.org/10.1016/0022-0531(74)90081-7
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Article accepté pour publication ou publiéDate
1974Journal name
Journal of Economic TheoryVolume
7Number
1Publisher
Elsevier
Pages
66-92
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Jeanjean, PatrickAbstract (EN)
One considers a many-commodity world where technology depends on an exogenous environment whose successive states form a stationary Markov process. A program is optimal if it overtakes any other program or has the maximum expected utility. It is shown there exists a best stationary program. One proves then there exists an optimal program, which converges asymptotically to the best stationary program, and is generated by a policy such that, at every date, a nonrandom production decision is chosen which depends only on the state of the world and of the economy at that time.Subjects / Keywords
optimal programsRelated items
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