An Exact Discount Factor Restriction for Period-Three Cycles in Dynamic Optimization Models
研究了标准加总动态优化框架中产生周期三循环所需的精确贴现程度，发现一个通用常数M，贴现因子小于M时才可能出现周期三循环。
This paper explores the precise extent of discounting needed to generate period-three cycles in a standard aggregative dynamic optimization framework. It is shown that there is a “universal constant”,[formula], such that (i) if an optimal program of any dynamic optimization model exhibits a period-three cycle, then the discount factor is less thanM; and (ii) if the discount factor is smaller thanM, then it is possible to construct a transition possibility set and a utility function such that the resulting dynamic optimization model exhibits a period-three cycle.Journal of Economic LiteratureClassification Numbers: C61, E32, O41.