54,855 research outputs found

    Bounding the CRRA Utility Functions

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    The constant-relative-risk-aversion (CRRA) utility function is now predominantly used in quantitative macroeconomic studies. This function, however, is not bounded and thus creates problems when applying the standard tools of dynamic programming. This paper devises a method for "bounding" the CRRA utility functions. The proposed method is based on a set of conditions that can establish boundedness among a broad class of utility functions. These results are then used to construct a bounded utility function that is identical to a CRRA utility function except when consumption is very small or very large. It is shown that the constructed utility function also satisfies the Inada condition and is consistent with balanced growth.Utility Function; Elasticity of Marginal Utility; Boundedness

    The infra-red spectrum and molecular structure of HNCS

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    From an examination of the microwave spectra of four isotopic species of isothiocyanic acid, Beard and Dailey (1) recently obtained the following values for the molecular parameters in the ground vibrational state

    Bounding the CRRA Utility Functions

    Get PDF
    The constant-relative-risk-aversion (CRRA) utility function is now predominantly used in quantitative macroeconomic studies. This function, however, is not bounded and thus creates problems when applying the standard tools of dynamic programming. This paper devises a method for "bounding" the CRRA utility functions. The proposed method is based on a set of conditions that can establish boundedness among a broad class of utility functions. These results are then used to construct a bounded utility function that is identical to a CRRA utility function except when consumption is very small or very large. It is shown that the constructed utility function also satisfies the Inada condition and is consistent with balanced growth.Utility Function; Elasticity of Marginal Utility; Boundedness

    High frequency and high wavenumber solar oscillations

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    We determine the frequencies of solar oscillations covering a wide range of degree (100< l <4000) and frequency (1.5 <\nu<10 mHz) using the ring diagram technique applied to power spectra obtained from MDI (Michelson Doppler Imager) data. The f-mode ridge extends up to degree of approximately 3000, where the line width becomes very large, implying a damping time which is comparable to the time period. The frequencies of high degree f-modes are significantly different from those given by the simple dispersion relation \omega^2=gk. The f-mode peaks in power spectra are distinctly asymmetric and use of asymmetric profile increases the fitted frequency bringing them closer to the frequencies computed for a solar model.Comment: Revised version. 1.2 mHz features identified as artifacts of data analysis. Accepted for publication in Ap

    EXODUS: Integrating intelligent systems for launch operations support

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    Kennedy Space Center (KSC) is developing knowledge-based systems to automate critical operations functions for the space shuttle fleet. Intelligent systems will monitor vehicle and ground support subsystems for anomalies, assist in isolating and managing faults, and plan and schedule shuttle operations activities. These applications are being developed independently of one another, using different representation schemes, reasoning and control models, and hardware platforms. KSC has recently initiated the EXODUS project to integrate these stand alone applications into a unified, coordinated intelligent operations support system. EXODUS will be constructed using SOCIAL, a tool for developing distributed intelligent systems. EXODUS, SOCIAL, and initial prototyping efforts using SOCIAL to integrate and coordinate selected EXODUS applications are described
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