Uzawa's Transformation and Optimal Control Problems With Variable Rates of Time Preference.

Uzawa (1968) first introduced a simple and appealing method for reducing problems with variable rates of time preference to single-state systems by transforming the time scale from t to (delta's symbol), a utility discount factor. The purpose of this paper is to show that Uzawa's transformation is valid only when the underlying system to be analyzed is autonomous.

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Year of publication:	1998
Authors:	Francis, J. ; Kompas, T.
Institutions:	Research School of Pacific and Asian Studies, College of Asia and the Pacific
Subject:	LIFE CYCLE \| MATHEMATICAL MODELS \| FINANCIAL MARKET

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Series:	Australian National University - Department of Economics.
Type of publication:	Book / Working Paper
Notes:	19 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving ; F30 - International Finance. General
Source:	RePEc - Research Papers in Economics

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