0346982 20240103193824.420101004235959.9 000287979900095 6 s. cav_un_epca*0346981978-80-7394-218-2Part II560-565České BudějoviceUniversity of South Bohemia in České Budějovice, Faculty of Economy2010HoudaMichalFriebelováJana economic dynamics extended version of the Ramsey growth model risk-sensitive Markov decision processes cav_un_auth*0101196 Sladký Karel Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics Ústav teorie informace a automatizace AV ČR, v. v. i. http://library.utia.cas.cz/separaty/2010/E/sladky-risk-sensitive ramsey growth model.pdf GA402/08/0107 GA ČR CZ cav_un_auth*0240545 GAP402/10/0956 GA ČR cav_un_auth*0263482 CEZ:AV0Z10750506 In this note we focus attention on risk-sensitive approach to an extended version of the Ramsey growth model. In contrast to the standard Ramsey model we assume that every splitting of production between consumption and capital accumulation is in uenced by some random factor governed by transition probabilities depending on the current value of the accumulated capital and possibly on some (costly) decisions. Moreover, we assume that also some additional (expensive) interventions of the decision maker are possible for changing the depreciation rate of the capital. Finding optimal policy of the extended model can be then formulated as nding optimal policy of a highly structured Markov decision process. Unfortunately usual optimization criteria for Markov decision processes cannot re ect variability-risk features of the problem. To this end, we indicate how nding policies yielding maximal risksensitive rewards. cav_un_auth*0263935 28th International Conference on Mathematical Methods in Economics 2010 České Budějovice 08.09.2010-10.09.2010 CZ 2011 AH http://hdl.handle.net/11104/0187862 2010 000287979900095 WOS cav_un_epca*0346981 28th International Conference on Mathematical Methods in Economics 2010 Part II 978-80-7394-218-2 560 565 České Budějovice University of South Bohemia in České Budějovice, Faculty of Economy 2010 Houda Michal 340 Friebelová Jana 340