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Monotonicity and continuity of the critical capital stock in the Dechert–Nishimura model

We show that the critical capital stock of the Dechert and Nishimura (1983) model is a decreasing and continuous function of the discount factor. We also show that the critical capital stock merges with a nonzero steady state as the discount factor decreases to a certain boundary value, and that the critical capital stock converges to the minimum sustainable capital stock as the discount factor increases to another boundary value.
Year of publication:
2011
Authors: Akao, Ken-Ichi ; Kamihigashi, Takashi ; Nishimura, Kazuo
Published in:
Journal of Mathematical Economics. - Elsevier, ISSN 0304-4068. - Vol. 47.2011, 6, p. 677-682
Publisher: Elsevier
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Type of publication: Article
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Persistent link: https://www.econbiz.de/10010875244
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