Stationary Optimal Policies with Discounting in a Stochastic Activity Analysis Model
研究非线性活动分析模型中的最优资本积累，考虑生产与资源受外生随机冲击影响，以贴现期望社会效用为准则，证明存在连续时不变的最优投资消费策略及平稳随机资本存量过程。
We consider optimal capital accumulation in a nonlinear activity analysis model in which production and primary resource supplies are affected by a stationary stochastic process of exogenous shocks; the optimality criterion is the sum of discounted expected future social utilities. Under various neoclassical conditions on technology and preferences, (i) there exists an optimal policy of investment and consumption expressible as a continuous time-invariant function of the capital stocks and the history of stochastic shocks, and (ii) there is a stationary stochastic process of capital stocks that is consistent with the optimal policy.