Optimal dividend payments in the stochastic Ramsey model
Optimal dividend payments in the stochastic Ramsey model
复制标题
DOI：
10.1016/j.spa.2010.01.001
复制
发表时间：
2010-04
影响因子：
1.4
通讯作者：
H. Morimoto
中科院分区：
文献类型：
--
作者：
H. Morimoto
我们在随机拉姆齐模型中考虑自筹资金公司的股利支付。企业投资于资本存量，其生产技术由柯布-道格拉斯函数给出。我们的目标是在资本存量的积极约束下，使未来实际股息的预期现值最大化。利用惩罚法得到了与最优增长问题相关的变分不等式的解，并给出了最优股利政策的综合。
We consider the dividend payments of a self-financing firm in the stochastic Ramsey model. The firm invests in capital stock and its production technology is given by the Cobb–Douglas function. Our objective is to maximize the expected present value of future real dividends subject to a positive constraint on the capital stock. We use the penalization method to obtain a solution for the variational inequality associated with the optimal growth problem and give a synthesis of the optimal dividend policy.