Computational economics and economic theory: substitutes or complement?

Article Abstract:

Computational economics and economic theory are both complements and substitutes. The two are complements since both can be used to make an analysis of economic knowledge easier. Complementary use of the two happens when deductive theory is used in the reduction of economic question coming from a set of knowledge followed by an analysis through a computation method. Computation method, meanwhile, can be an alternative for analytical theory in situations where the latter is ineffective in proving more difficult sets of models.

Automated theorem proving

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Consumption and portfolio turnpike theorems in a continuous-time finance model

Article Abstract:

A validation of consumption and portfolio turnpike theorems in a continuous-time model was achieved based on an analysis of utility functions for consumption and investment. Validation of theorems under consideration was attained after it was revealed that utility functions' optimum portfolio, final wealth and consumption processes can be approximated arbitrarily closely in a suitable manner. Such condition was also found to be significant for the turnpike property.

Research, Portfolio management, Utility theory, Utility functions

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Surplus analysis for overlapping generations

Article Abstract:

Surplus analysis is extended to overlapping generations, covering infinite and finite time.

Economic aspects, Cost benefit analysis, Surplus (Accounting)

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