On the Existence of Optimal Processes in Non-Stationary Environments
Mitra, T., & Nyarko, Y. (1991). On the Existence of Optimal Processes in Non-Stationary Environments. Journal of Economics, 53(3), 245-270.
We consider an aggregative model of intertemporal allocation under uncertainty, in which the utility and production functions are allowed to be time dependent, the random shocks occurring in each period are entirely arbitrary…