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Optimal Dynamic R&D Programs
Grossman, Gene M. - 1985
We study the optimal pattern of outlays for a single firm pursuing an R&D program over time. In the deterministic case, (a) the amount of progress required to complete the project is known, and (b) the relationship between outlays and progress is known. In this case, it is optimal to increase...
Persistent link: https://www.econbiz.de/10012477422
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Dynamic Optimization in Two-Party Models
McKibbin, Warwick J. - 1987
The goal of this paper is to study the problem of optimal dynamic policy formulation with competing political parties. We study a general class of problems, in which the two competing political parties have quadratic intertemporal objective functions, and in which the economy has a linear...
Persistent link: https://www.econbiz.de/10012476856
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Nonlinear Programming Method for Dynamic Programming
Cai, Yongyang - 2013
the linear approach to dynamic programming by using ideas from approximation theory to avoid inefficient discretization …
Persistent link: https://www.econbiz.de/10012459628
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Solving Dynamic Programming Problems on a Computational Grid
Cai, Yongyang - 2013
We implement a dynamic programming algorithm on a computational grid consisting of loosely coupled processors, possibly including clusters and individual workstations. The grid changes dynamically during the computation, as processors enter and leave the pool of workstations. The algorithm is...
Persistent link: https://www.econbiz.de/10012459947
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Any Non-Individualistic Social Welfare Function Violates the Pareto Principle
Kaplow, Louis - 1999
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10012471750
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Integrability and Generalized Separability
Fally, Thibault - 2018
such demand systems are integrable, i.e. can be derived from the maximization of a well-behaved utility function. This …
Persistent link: https://www.econbiz.de/10012480678
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Concavity of Utility, Concavity of Welfare, and Redistribution of Income
Kaplow, Louis - 2003
' utility functions and the concavity of the social welfare function. In the pertinent literatures, notably on optimal income …, however, reveals that this is not the case. Concavity of utility has a simple, direct effect on the marginal social value of … cases may not be very significant. The implications of this difference are examined for some standard forms of utility and …
Persistent link: https://www.econbiz.de/10012468707
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Labor Supply in the Past, Present, and Future : a Balanced-Growth Perspective
Boppart, Timo - 2016
paper, we argue that a stable utility function defined over consumption and leisure can account for this fact, jointly with … displaying balanced growth. The key feature of the utility function is an income effect (of higher wages) that slightly outweighs …
Persistent link: https://www.econbiz.de/10012456460
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Long-Term-Care Utility and Late-in-Life Saving
Ameriks, John - 2015
introduces health-dependent utility into a model in which preferences for bequests, expenditures when in need of long-term care …
Persistent link: https://www.econbiz.de/10012457693
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Climate Sensitivity Uncertainty : When is Good News Bad?
Freeman, Mark C. - 2015
Climate change is real and dangerous. Exactly how bad it will get, however, is uncertain. Uncertainty is particularly relevant for estimates of one of the key parameters: equilibrium climate sensitivity--how eventual temperatures will react as atmospheric carbon dioxide concentrations double....
Persistent link: https://www.econbiz.de/10012457766