Publication: On the policy function in continuos time economic models
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1991-02
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Abstract
In this paper, I consider a general class of continuous-time economic models with unbounded horizon. I study the sets of conditions under which the policy function is continuous, Lipschitz continuous, and Cl differentiable. 1 also single out certain postulates which may prevent higher-order differentiability. The analysis provides, therefore, a fmn foundation to the use of dynamic programming methods in continuous time models with unbounded horizon
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Policy Functions, Continuous Time Models, Continuity, Lipschitz Continuity, Differentiability