Differentiability of the value function in continuous-time economic models.

In this paper we provide some sufficient conditions for the differentiability of the value function in a class of infinite-horizon continuous—time models of convex optimization arising in economics. We dispense with an interioiity condition which is quite restrictive in constrained optimization and it is usually hard to check in applications. The differentiability of the value function is used to prove Bellman's equation as well as the existence and continuity of the optimal feedback policy. We also establish uniqueness of the vector of dual variables under some conditions that rule out existence of asset pricing bubbles.Constrained optimization; Value function; Differentiability; Envelope theorem; Duality theory;

Evolución de la asignación de retiro y prestacional del soldado e infante de marina profesional de las fuerzas militares de Colombia

A partir del año 2000, en Colombia se estableció al interior de las Fuerzas Militares un régimen especial de carrera para el militar base la pirámide castrense que culmine el servicio militar y voluntariamente quiera profesionalizarse en el arte de la guerra, estatuto que reconoce a este personal como miembro de esta Institución del estado derivado de una relación laboral, dejando de lado la cancelación de una simple bonificación mensual que percibían por sus servicios y a cambio de manera real y coherente se le reconoce un salario, el pago de prestaciones sociales y la posibilidad de disfrutar cuando reúna determinados requisitos, como es entre otros tener veinte (20) años de servicios en la institución, una asignación de retiro la cual es un sinónimo de lo que en la legislación de los no militares se denomina pensión de jubilación o de vejezSince 2000, Colombia was established within the Armed Forces a special system of rules for the military base military pyramid culminating military service and volunteer to professional in the art of war status that recognizes this staff member of this institution in the State derived from an employment relationship, leaving aside the cancellation of a simple monthly bonus they received for their services and in exchange for real and consistent way is granted a salary and payment of social benefits to which you are entitled However and the opportunity to enjoy meeting certain requirements, such as others have twenty (20) years of service in the institution, a retirement allowance which is a synonym for what in nonmilitary legislation called retirement pension or old ag

Las relaciones sociales de poder ladino-indígena en una comunidad quiché del occidente guatemalteco durante el siglo XX : la experiencia de San Juan Olintepeque del departamento Quetzaltenango

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Xalapa (Veracruz). Planos de población. 1816

Tiene suplemento: legajo manuscrito en cuadernillo de siete hojas, con título: "Demostración Geográphica del número de Pueblos y havitantes que abraza el partido de la Villa de Xalapa". Firmado por Manuel Rincón en "Xalapa, noviembre, 13 de 1816". Incluye carta del autor dirigida al Excmo. Sr. [D. Juan Ruiz de Apodaca], en la que le comunica el envío del plano de Xalapa con el documento explicativo. En la portadilla, anotado en tinta de bistre: "Estos papeles pertenecen a la explicación de los mapas q.e hemos encontrado en el caxón"Al verso anotado en tinta de bugalla: "Jalapa", y a lápiz: "Nº 64"Copia Digital. Real Academia de la Historia : 2010Forma de ingreso: Donado a la RAH por su correspondiente Fernando de Gabriel y Ruiz de Apodaca (Memorias de la RAH, t. X, 1886, nº 64, p. 846)Orientado con flecha. Relieve presentado por sombreado. Arbolado. Parcelas de cultivo. Indicados caminosManuscrito firmado en la parte inferior derecha por Manuel RincónManuscrito dibujado a plumilla en tinta china, iluminado a la aguada en gris, azul, rosa y sienaEn la parte inferior izquierda, cartela rectangular con marco vegetal, que alberga título y tabla explicativa de los principales edificios localizados en el plano con clave alfabétic

El Mediterráneo en cifras.

Sin resume

Differentiability of the value function without interiority assumptions

This paper studies first-order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the boundary of this correspondence. Under minimal assumptions we show that the value function is continuously differentiable. We then discuss this result in the context of several economic models

Differentiability of the value function in continuous-time economic models

In this paper we provide some sufficient conditions for the differentiability of the value function in a class of infinite-horizon continuous—time models of convex optimization arising in economics. We dispense with an interioiity condition which is quite restrictive in constrained optimization and it is usually hard to check in applications. The differentiability of the value function is used to prove Bellman's equation as well as the existence and continuity of the optimal feedback policy. We also establish uniqueness of the vector of dual variables under some conditions that rule out existence of asset pricing bubbles

Differentiability of the value function in continuous-time economic models

In this paper we provide some sufficient conditions for the differentiability of the value function in a class of infinite-horizon continuous-time models of convex optimization arising in economics. We dispense with the assumption of interior optimal paths. This assumption is quite unnatural in constrained optimization, and is usually hard to check in applications. The differentiability of the value function is used to prove Bellman’s equation as well as the existence and continuity of the optimal feedback policy. We also establish the uniqueness of the vector of dual variables. These results become useful for the characterization and computation of optimal solutions.This paper was written while Manuel Santos was visiting Universidad Carlos III de Madrid. We acknowledge financial support from projects SEJ2005- 05831, ECO2008-04073 and ECO2008-02358 of the Spanish Ministry of Science and Innovation, and a Cátedra de Excelencia of Banco Santander.Publicad

Differentiability of the value function without interiority assumptions

This paper studies first-order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the boundary of this correspondence. Under minimal assumptions we prove that the value function is continuously differentiable. We then discuss this result in the context of some economic models, and focus on some examples in which our assumptions are not met and the value function is not differentiable.Publicad