4 papers
Clarke Differentials and the Envelope Theorem in Dynamic Programming
Yuhki Hosoya
In this paper, we consider a deterministic dynamic programming model, and derive the envelope theorem using the Clarke differential. Compared with previous research, we do not requ…
An Equivalence Result on the Order of Differentiability in Frobenius' Theorem
Yuhki Hosoya
This paper examines the simplest case of total differential equations that appears in the theory of foliation structures, without imposing the smoothness assumptions. This leads to…
The Relationship between Consumer Theories with and without Utility Maximization
Yuhki Hosoya
To study the assumption that the utility maximization hypothesis implicitly adds to consumer theory, we consider a mathematical representation of pre-marginal revolution consumer t…
The Hamilton-Jacobi-Bellman Equation in Economic Dynamics with a Non-Smooth Fiscal Policy
Yuhki Hosoya
We consider a class of economic growth models that includes the classical Ramsey--Cass--Koopmans capital accumulation model and verify that, under several assumptions, the value fu…