Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/93563
Authors: 
Natividad-Carlos, Fidelina B.
Year of Publication: 
2013
Series/Report no.: 
Discussion Paper, School of Economics, University of the Philippines 2013-06
Abstract: 
This paper, using the different alternative methods of dynamic optimization (the Lagrange/Kuhn-Tucker (LKT) method, the substitution method, the Hamiltonian method, and the dynamic programming approach) derives the conditions that must be satisfied by the solution to the so-called Ramsey problem, hopefully in a way that can be understood by undergraduate economics students. This is done by assuming that time is discrete and that, for simplicity but without loss of generality, there are only three periods.
Subjects: 
Ramsey problem
dynamic optimazation
Lagrange method
Substitution method
Hamiltonian method
dynamic programming
JEL: 
C61
D91
E21
Document Type: 
Working Paper

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