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the Maximum Principle -- 5. Optimal Multisector Growth and Dynamic Competitive Equilibrium -- 6. The Pure Theory of …This compact and original exposition of optimal control theory and applications is designed for graduate and advanced … illuminates many famous economic examples and models. This work also emphasizes the connection between optimal control theory and …
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the Maximum Principle -- 5. Optimal Multisector Growth and Dynamic Competitive Equilibrium -- 6. The Pure Theory of …
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We study the sensitivity of optimal consumption streams with respect to perturbations of the random endowment. At the leading order, the consumption adjustment does not matter: any choice that matches the budget constraint simply shifts the original utility by the marginal value of the...
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