The Turnpike Property and the Central Limit Theorem in Stochastic Models of Economic Dynamics.

The paper analyzes asymptotic properties of optimal paths in multisector stochastic models of economic dynamics. We find conditions under which the rate of convergence in stochastic turnpike theorems is exponential. Using this result, we prove a functional central limit theorem for sums of random rewards accumulated along the optimal paths.

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Year of publication:	1997
Authors:	Flam, S.D. ; Evstigneev, I.V.
Institutions:	Institutt for Økonomi, Universitetet i Bergen
Subject:	STOCHASTIC MODELS

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Series:	Norway; Department of Economics, University of Bergen.
Type of publication:	Book / Working Paper
Notes:	38 pages
Classification:	C11 - Bayesian Analysis ; C52 - Model Evaluation and Testing ; C53 - Forecasting and Other Model Applications
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005783555