Necessity of the transversality condition for stochastic models with bounded or CRRA utility
Article Abstract:
To optimize stochastic models with bounded or constant-relative-risk-aversion (CRRA), a standard transversality condition (STVC) is required. In case of non-logarithmic CRRA utility, STVC is essential as long as the lifespan utility is finite at the optimum.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2005
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On the topological social choice model
Article Abstract:
A new analysis of some aspects of the topological social choice model is presented. The possibilities of a complete characterization of the possible spaces, particularly the noncontractible spaces are also shown.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2004
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