This paper studies optimal investment and dynamic behaviour of stochastically growing economies. We assume neither convex technology nor bounded support of the productivity shocks. A number of basic results concerning the investment policy and the Ramsey–Euler equation are established. We also...

A novel quantum Smoluchowski dynamics in an external, nonlinear potential has been derived recently. In its original form, this overdamped quantum dynamics is not compatible with the second law of thermodynamics if applied to periodic, but asymmetric ratchet potentials. An improved version of...