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gptkbp:instanceOf
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gptkb:economic_policy
|
|
gptkbp:alsoKnownAs
|
gptkb:Ramsey–Cass–Koopmans_model
|
|
gptkbp:assumes
|
no government
no uncertainty
perfect competition
closed economy
infinite time horizon
representative agent
|
|
gptkbp:basisFor
|
dynamic stochastic general equilibrium models
endogenous growth models
|
|
gptkbp:capitalMarket
|
perfect
|
|
gptkbp:criticizedFor
|
ignoring government
ignoring uncertainty
lack of heterogeneity
representative agent assumption
|
|
gptkbp:describes
|
economic growth
optimal savings
|
|
gptkbp:extendsTo
|
gptkb:David_Cass
gptkb:Tjalling_Koopmans
|
|
gptkbp:field
|
macroeconomics
|
|
gptkbp:focusesOn
|
capital accumulation
intertemporal consumption
|
|
gptkbp:form
|
gptkb:Euler_equation
dynamic optimization
transversality condition
|
|
https://www.w3.org/2000/01/rdf-schema#label
|
Ramsey growth model
|
|
gptkbp:influenced
|
modern growth theory
real business cycle theory
|
|
gptkbp:influencedBy
|
gptkb:optimal_control_theory
gptkb:Frank_P._Ramsey's_1928_paper
|
|
gptkbp:introduced
|
gptkb:Frank_P._Ramsey
|
|
gptkbp:introducedIn
|
1928
|
|
gptkbp:laborMarket
|
exogenous labor supply
|
|
gptkbp:objective
|
maximize utility over time
|
|
gptkbp:productionFunction
|
neoclassical
|
|
gptkbp:publishedIn
|
gptkb:Economic_Journal
|
|
gptkbp:relatedTo
|
gptkb:Solow–Swan_model
gptkb:Overlapping_generations_model
|
|
gptkbp:solvedBy
|
calculus of variations
Hamiltonian methods
|
|
gptkbp:steadyState
|
exists
unique under certain conditions
|
|
gptkbp:usedFor
|
policy analysis
welfare economics
long-run growth analysis
|
|
gptkbp:utilityFunction
|
concave
time-separable
|
|
gptkbp:bfsParent
|
gptkb:Ramsey–Cass–Koopmans_model
|
|
gptkbp:bfsLayer
|
6
|