This paper describes conditions under which one investment project dominates a second project in terms of net present value, irrespective of the choice of the discount rate. The resulting partial ordering of projects has certain similarities to stochastic dominance. However, the structure of the...

This paper provides qualitative properties of the iterated function system (IFS) generated by the optimal policy function for a class of stochastic one-sector optimal growth models. We obtain, explicitly in terms of the primitives of the model (i) a compact interval (not including the zero...

A standard model of intertemporal allocation (described by a technology set and a welfare function defined on consumption) can be reduced to one described by a technology set and a utility function defined on this set. The authors present an example to show that even when the welfare function is...