Showing 1 - 10 of 2,093
This paper develops a dynamic programming method when the one-stage deviation principle in the sense of mechanism design literature doesn’t hold. The commonly used dynamic programming method is valid only if the one-stage deviation principle in the sense of mechanism design literature is...
Persistent link: https://www.econbiz.de/10012889686
We propose a new method for solving high-dimensional dynamic programming problems and recursive competitive equilibria with a large (but finite) number of heterogeneous agents using deep learning. The „curse of dimensionality“ is avoided due to four complementary techniques: (1) exploiting...
Persistent link: https://www.econbiz.de/10013221172
How much and when should we limit economic and social activity to ensure that the health-care system is not overwhelmed during an epidemic? We study a setting where ICU resources are constrained while suppression is costly (e.g., limiting economic interaction). Providing a fully analytical...
Persistent link: https://www.econbiz.de/10012833733
-like strategies, with deviations above and below the steady state leading to different responses. We extend the theory of differential …
Persistent link: https://www.econbiz.de/10012834996
years. The intervention includes students aged 7-9 and consists of pulling students from their regular mathematics classes … into small, homogenous groups for mathematics instruction for 3 to 4 hours per week, for two periods of 4-6 weeks per … their performance in mathematics by .16 standard deviations at the end of the school year and by .06 standard deviations in …
Persistent link: https://www.econbiz.de/10013312078
This paper revisits the debate about the appropriate differential equation that governs the evolution of knowledge in models of endogenous growth. We argue that the assessment of the appropriateness of an equation of motion should not only be based on its implications for the future, but that it...
Persistent link: https://www.econbiz.de/10010261287
Using the Hamilton-Jacobi-Bellman equation, we derive both a Keynes-Ramsey rule and a closed form solution for an optimal consumption-investment problem with labor income. The utility function is unbounded and uncertainty stems from a Poisson process. Our results can be derived because of the...
Persistent link: https://www.econbiz.de/10010261427
differential equations. It consists in determining the value function by using a set of nodes and basis functions. We provide two …
Persistent link: https://www.econbiz.de/10010264366
In this paper we focus on specification of revenue functions in their dual price space. We consider two distance … functions, both dual to the revenue function: Shephard output distance function and the directional output distance function …
Persistent link: https://www.econbiz.de/10010264442
qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed …
Persistent link: https://www.econbiz.de/10010277094