Stochastic Optimal Policies When the Discout Rate Vanishes

Dutta (J. Econom. Theory, 1991, 55, 64?94) showed that long-run optimality of the limit of discounted optima when the discount rate vanishes is implied by a certain bound on the value function of the optimal program. We introduce a new method to verify this bound using coupling techniques.

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Year of publication:	2006-04
Authors:	Nishimura, Kazuo ; Stachurski, John
Institutions:	Institute of Economic Research, Kyoto University
Subject:	Dynamic programming \| Long-run optimality

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Extent:	application/pdf
Series:	KIER Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 617 19 pages longages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005385289