Dynamic Programming with Homogeneous Functions

@inproceedings{Alvarez1995DynamicPW,
  title={Dynamic Programming with Homogeneous Functions},
  author={Fernando Alvarez and Nancy L. Stokey},
  year={1995}
}
A major limitation in applying the tools of dynamic programming to many economic problems has been the lack of a general theory for the case where returns are unbounded. Except for a few special cases where closed form solutions are available (linear-quadratic models and the log-Cobb Douglas growth model being the leading examples), recursive methods have not been useful. Here we establish that the basic existence, uniqueness, and convergence results of dynamic programming, which are… CONTINUE READING
Highly Influential
This paper has highly influenced 22 other papers. REVIEW HIGHLY INFLUENTIAL CITATIONS

From This Paper

Topics from this paper.

Citations

Publications citing this paper.

References

Publications referenced by this paper.
Showing 1-10 of 13 references

Balanced-growth-consistent recursive utility

J. Dolmas
J. Econ. Dynam. Cont • 1996
View 1 Excerpt

Fertility choice in a model of economic growth

G. S. Becker
Econometrica • 1994

Technology adoption, learning-by-doing, and economic growth

S. L. Parente
J. Econ. Theory • 1994
View 1 Excerpt

``A Baby Step in the Theory of Fertility,'

F. Alvarez
Ph.D. Thesis, • 1994
View 2 Excerpts

``On Intergenerational Altruism,'

C. B. Mulligan
Ph.D. Thesis, University of Chicago, Chicago, • 1993
View 1 Excerpt

Long-Run Policy Analysis and Long-Run Growth

Sergio Rebelo Source
1991
View 2 Excerpts

A convex model of equilibrium growth: theory and policy implications

L. E. Jones, R. Manuelli
J. Polit. Econ • 1990
View 2 Excerpts

Fertility choice in a model of economic growth, Econometrica

R. J. Barro, G. S. Becker
1989
View 1 Excerpt

Montrucchio , On the indeterminancy of capital accumulation paths

L.
J . Econ . Theory • 1989

``Recursive Methods in Economic Dynamics,'

N. L. Stokey, R. E. Lucas, Jr., E. C. Prescott
1989
View 2 Excerpts

Similar Papers

Loading similar papers…