arXiv subjects

Mukul Majumdar

Publications and source records attributed to Mukul Majumdar.

2 recordsLinked to original sources

arXiv2015

Sustainability in the Stochastic Ramsey Model

In this paper we provide a self-contained exposition of the problem of sustaining a constant consumption level in a Ramsey model. Our focus is on the case in which the output capital-ratio is random. After a brief review of the known results on the probabilities of sustaining a target consumption from an initial stock, we present some new results on estimating the probabilities by using Chebyshev inequalities. Some numerical calculations for these estimates are also provided.

econ.GN↗

arXiv2005

Stability in Distribution of Randomly Perturbed Quadratic Maps as Markov Processes

Iteration of randomly chosen quadratic maps defines a Markov process: X_{n+1}=ε_{n+1}X_n(1-X_n), where ε_n are i.i.d. with values in the parameter space [0,4] of quadratic maps F_θ(x)=θx(1-x). Its study is of significance as an important Markov model, with applications to problems of optimization under uncertainty arising in economics. In this article a broad criterion is established for positive Harris recurrence of X_n.

math.PR↗