Cattle cycles, heterogeneous and the age distribution of capital

Article Abstract:

The cattle cycles have helped the U.S. researchers to understand the cattle dynamics and the relationship between trends and cycles. A dynamic model, describing approximate 10-year cattle cycle, is built to keep track of age distribution of the capital stock, allow heterogeneous expectations and to recognize that cow-calf operators make investment decisions on both the cow and calf margins.

Forecasts, trends, outlooks, Analysis, Economic aspects, Forecasts and trends, United States economic conditions, Market trend/market analysis, Business cycles

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Investment under uncertainty: calculating the value function when the Bellman equation cannot be solved analytically

Article Abstract:

The fact that standard numerical procedures for solving differential equations obtained from the Bellman equation of continuous time dynamic programming are not suitable for treating functional equations is brought into notice. Solution of these equations requires locating the 'saddlepoint' from the entire family of solution curves, which causes shooting methods to fail.

Models, Evaluation, Mathematical models, Econometric models

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