Until now most research in dynamic games focus on models with quadratic objective functions because of practical considerations. But in reality, all problems are not quadratic. In this paper, we solve a differential game where players have non-quadratic preferences. In particular we consider an...

A benchmark AK optimal growth model with maintenance expenditures and endogeneous utilization of capital is considered within an explicit vintage capital framework. Scrapping is endogenous, and the model allows for a clean distinction between age and usage dependent capital depreciation and...

In this paper the dynamic programming approach is exploited in order to identify the closed loop policy function, and the consumption smoothing mechanism in an endogenous growth model with time to build, linear technology and irreversibility constraint in investment. Moreover the link among the...

Finding solutions to the Bellman equation relies on restrictive boundedness assumptions. The literature on endogenous growth or business cycle models with unbounded random shocks provide with numerous examples of recursive programs in which returns are not bounded along feasible paths. In this...

Some economic models like those of endogenous growth motivate the analysis of a class of recursive models sharing the property that the return function is not bounded along feasible paths. We consider a strategy of proof which allows to deal with many unbounded recursive models exploiting bounds...