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- Cuong Le Van, Lisa Morhaim
- J. Economic Theory
- 2002

In this paper we propose a unifying approach to study optimal growth models with bounded or unbounded returns (above/below). We prove existence of optimal solutions. We prove also, without using contraction method, that the Value function is the unique solution to the Bellman equation in some classes of functions. The value function can be obtained by the… (More)

We provide sufficient conditions on the objective functional and the constraint functions under which the Lagrangean can be represented by a ` sequence of multipliers in infinite horizon discrete time optimal growth models.

- Rose-Anne Dana, Cuong Le Van
- J. Economic Theory
- 2010

- Erol Dogan, Cuong Le Van, H. Çagri Saglam
- Mathematical Social Sciences
- 2011

This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of the standard techniques from calculus of variations and some basic properties of Sobolev spaces. Keywords: Multi-stage optimal control, Sobolev spaces, Optimal… (More)

- ROGER E.A. FARMER, CARINE NOURRY, +23 authors Paul Samuelson
- 2012

Existing literature continues to be unable to offer a convincing explanation for the volatility of the stochastic discount factor in real world data. Our work provides such an explanation. We do not rely on frictions, market incompleteness or transactions costs of any kind. Instead, we modify a simple stochastic representative agent model by allowing for… (More)

- Cuong Le Van, Yiannis Vailakis
- J. Economic Theory
- 2005

In this paper we propose a unifying approach to the study of recursive economic problems. Postulating an aggregator function as the fundamental expression of tastes, we explore conditions under which a utility function can be constructed. We also modify the usual dynamic programming arguments to include this class of models. We show that Bellman’s equation… (More)

- Cuong Le Van, Raouf Boucekkine, Cagri Saglam
- 2004

In this paper, we make use of the Sobolev space W 1,1 (R+,R) to derive at once the Pontryagin conditions for the standard optimal growth model in continuous time, including a necessary and sufficient transversality condition. An application to the Ramsey model is given. We use an order ideal argument to solve the problem inherent to the fact that L1 spaces… (More)

- Rose-Anne Dana, Cuong Le Van, R A Dana, C Le Van
- 2009

The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. A sufficient condition for existence of efficient allocations is that the relative interiors of the risk adjusted sets of expectations overlap. This condition is necessary if agents are not risk neutral at… (More)

- Cuong Le Van, Cagri Saglam, Selman Erol
- 2009

To account for the development patterns that differ considerably among economies in the long run, a variety of one-sector models that incorporate some degree of market imperfections based on technological external effects and increasing returns have been presented. This paper studies the dynamic implications of, yet another mechanism, the endogenous rate of… (More)

We consider a developing country with three sectors in economy: consumption goods, new technology, and education. Productivity of the consumption goods sector depends on new technology and skilled labor used for production of the new technology. We show that there might be three stages of economic growth. In the first stage the country concentrates on… (More)