{"id":2648,"date":"2023-03-13T14:52:50","date_gmt":"2023-03-13T05:52:50","guid":{"rendered":"https:\/\/www.waseda.jp\/fsss\/iass\/?p=2648"},"modified":"2023-04-05T15:13:14","modified_gmt":"2023-04-05T06:13:14","slug":"iass-%e7%92%b0%e5%a2%83%e5%95%8f%e9%a1%8c%e3%81%a8%e9%9d%9e%e7%b7%9a%e5%bd%a2%e5%8b%95%e5%ad%a6%e7%a0%94%e7%a9%b6%e3%82%b0%e3%83%ab%e3%83%bc%e3%83%97%e3%80%80%e3%82%bb%e3%83%9f%e3%83%8a%e3%83%bc-2-2-2","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fsss\/iass\/news\/2023\/03\/13\/2648\/","title":{"rendered":"Stochastic growth, conservation of capital, and convergence to a positive steady state"},"content":{"rendered":"
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Stochastic growth, conservation of capital, and convergence to a positive steady state<\/td>\n<\/tr>\n
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Santanu Roy (University Distinguished Professor, Southern Methodist University)<\/td>\n<\/tr>\n
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In a general one-sector model of optimal stochastic growth where the productivity of capital is bounded but may vary widely due to technology shocks, we derive a tight estimate of the slope of the optimal policy function near zero. We use this to derive a readily verifiable condition that ensures almost sure global conservation of capital (i.e., avoidance of extinction) under the optimal policy, as well as global convergence to a positive stochastic steady state for bounded growth technology; this condition is significantly weaker than existing conditions and explicitly depends on risk aversion.
\nFor a specific class of utility and production functions, a strict violation of this condition implies that almost sure long run extinction of capital is globally optimal. Conservation is non-monotonic in risk aversion; conservation is likely to be optimal when the degree of risk aversion (near zero) is either high or low, while extinction may be optimal at intermediate levels of risk aversion.<\/td>\n<\/tr>\n
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\u5148\u7aef\u793e\u4f1a\u79d1\u5b66\u7814\u7a76\u6240\u4e8b\u52d9\u5c40 iass@list.waseda.jp<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

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\u65e5\u6642 2023\u5e743\u670828\u65e5\uff08\u706b\uff099\uff1a00\uff5e10\uff1a30 \u5834\u6240 \u30aa\u30f3\u30e9\u30a4\u30f3 \u6f14\u984c Stochastic growth, conservation of capital, and convergence to a positi […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95,1],"tags":[28],"class_list":["post-2648","post","type-post","status-publish","format-standard","hentry","category-news-en","category-news","tag-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/posts\/2648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/comments?post=2648"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/posts\/2648\/revisions"}],"predecessor-version":[{"id":2695,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/posts\/2648\/revisions\/2695"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/media?parent=2648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/categories?post=2648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fsss\/iass\/wp-json\/wp\/v2\/tags?post=2648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}