9 Brock-Mirman(1972)dynamic programming problem Bellman’s EquationsSubject toValue functionKeshab Bhattarai
10 First and Second Iteration of the Value function Solution by IterationFirst and Second Iteration of the Value functionKeshab Bhattarai
11 Third Iteration of the Value function Keshab Bhattarai
12 Fourth Iteration of the Value function Keshab Bhattarai
13 Limits of the Value Function in Infinite Iterations Keshab Bhattarai
14 Limits of the Value Function in Infinite Iterations Keshab Bhattarai
15 ReferencesBellman, R (1957) Dynamic Programming, Princeton University Press.Brock W and L Mirman (1972) Optimal Economic Growth and Uncertainty: the Discounted Case, Journal of Economic Theory 4(3):Cass, D. (1965): Optimum Growth in Aggregative Model of Capital Accumulation, Review of Economic Studies, 32:Ljungqvist L and T.J. Sargent (2000), Recursive Macroeconomic theory, MIT PressParente S.L.(1994) Technology Adoption, Learning-by-Doing, and Economic Growth, Journal of Economic Theory, 63, ppSargent TJ (1987) Dynamic Macroeconomic Theory, Chapter 1, Harvard University Press.Solow, R.M. (1956) “A Contribution to the Theory of Economic Growth.” Quarterly Journal of Economics 70,Stokey, N. L. and R.E. Lucas (1989) Recursive Methods in Economic Dynamics, Harvard UP, Cambridge, MA.Uzawa, H. (1962) “On a Two-Sector Model of Economic Growth,” Review of Economic Studies 29,Keshab Bhattarai
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