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AA00260492-20230000-0023.pdf
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Title |
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An elementary proof of the Euler equation in growth theory
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Hosoya, Yuhki
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Faculty of Economics, Chuo University
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Keio Economic Society, Keio University
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2023
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Keio economic studies
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56
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2023
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23
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38
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Abstract |
In this paper, we derive the Euler equation in a continuous-time macroeconomic dynamic model using only elementary mathematical knowledge. We also provide a proof that the Euler equation and transversality condition are sufficient conditions for the optimal solution. To understand the proofs in this paper, no knowledge of Lebesgue integrals is required. Readers require only some basic mathematical knowledge.
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Continuous-time growth model
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