On the least upper bound of discount factors that are compatible with optimal period-three cycles

Article Abstract:

The least upper bound of discount factors of future utilities is derived using a standard optimal growth framework as a guide. The derivation is made by illustrating cyclical optimal period-three paths through dual path prices. Furthermore, the existence of a cyclical optimal period-three path is proven using a solution to a linear equation system. This process will prove the solution of the least upper bound.

Models, Linear models (Statistics), Discount rates

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The role of capital depreciation in multi-sectoral models

Article Abstract:

A relationship was established between the degree of complexity of non-linear dynamics and capital value. Utilization of the standard two-sector model with Cobb-Douglas production functions showed that a slow depreciation in capital value further intensifies the complexity of multi-sectoral optimal dynamics. Such effect was evident upon the division capital used in the model by the two sectors every period.

Economics, Research and Development in the Social Sciences and Humanities, Research, Capital movements, Structural optimization

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