Nyarko, Y., & Olson, L. J. (1996). Optimal Growth with Unobservable Resources and Learning. Journal of Economic Behavior & Organization, 29(3), 465-491.
This paper examines the problem of choosing optimal resource consumption from an imperfectly observable aggregate capital, wealth, or resource stock with the decision-maker learns about over time.
Nyarko, Y., & Olson, L. J. (1994). Stochastic Growth When Utility Depends on Both Consumption and the Stock Level. Economic Theory, 4(5), 791-797.
This paper examines the dynamic behavior of optimal consumption and investment policies in the aggregate stochastic growth model when utility depends on both consumption and the stock level.
Nyarko, Y., & Olson, L. J. (1991). Stochastic Dynamic Models with Stock-Dependent Rewards. Journal of Economic Theory, 55(1), 161-168.
We examine the behavior of optimal consumption and investment policies in aggregate stochastic growth models when utility depends on both consumption and the stock level…
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…
Majumdar, M., Mitra, T., & Nyarko, Y. “Dynamic Optimization under Uncertainty: Non-Convex Feasible Set.” Joan Robinson and Modern Economic Theory, edited by George Feiwel, Macmillan Press, 545-590, 1989.
The object of the book is refinement, not reconstruction; it is study in ‘pure theory.’ The motive back of its presentation is twofold…
Nyarko, Y. (1988). On Characterizing Optimality of Stochastic Competitive Processes. Journal of Economic Theory, 45(2), 316-329. Reprinted in Decentralization in Infinite Horizon Economies, edited by Mukul Majumdar, Westview Press, 100-113, 1992.
A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes…