Publication:
Envelope theorem in dynamic economic models with recursive utility

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2018-02-01
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Elsevier
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Abstract
This paper investigates the first-order differentiability properties of the value function in dynamic economic models with recursive preferences where the optimal policy may lie at the boundary of the feasible set under several regular assumptions originating from the static optimization theory plus, an additional asymptotic condition
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First-order differentiability, Dynamic economic models, Recursive utility
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Rincón-Zapatero,J. P., Zhao, Y. (2018). Envelope theorem in dynamic economic models with recursive utility. Economics Letters, 163, pp. 10-12.