35 citations · 88 across the 11 of their papers we have counts for
13 papers
Monotone Mixing and Distribution Dynamics
Takashi Kamihigashi, Qingyin Ma, John Stachurski
Many economic applications establish stability of Markov dynamics using the monotone mixing condition (MMC) of Hopenhayn and Prescott (1992). Working in the same setting as that pa…
Optimal Savings under Transition Uncertainty and Learning Dynamics
Qingyin Ma, Xinxin Zhang
This paper studies optimal consumption and saving decisions under uncertainty about the transition dynamics of the economic environment. We consider a general optimal savings probl…
A Theory of Saving under Risk Preference Dynamics
Qingyin Ma, Xinxi Song, Alexis Akira Toda
Empirical evidence shows that wealthy households have substantially higher saving rates and markedly lower marginal propensity to consume (MPC) than other groups. Existing theory c…
Wealth Preferences and the Upper Tail of Consumption
Qingyin Ma, Alexis Akira Toda
We develop a theory of optimal saving when wealth enters utility. Relative curvatures of consumption and wealth utility, and , govern the upper-tail behavior. When , we…
Interest Rate Dynamics and Commodity Prices
Christophe Gouel, Qingyin Ma, John Stachurski
In economic studies and popular media, interest rates are routinely cited as a major factor behind commodity price fluctuations. At the same time, the transmission channels are far…
Unbounded Dynamic Programming via the Q-Transform
Qingyin Ma, John Stachurski, Alexis Akira Toda
We propose a new approach to solving dynamic decision problems with unbounded rewards based on the transformations used in Q-learning. In our case, the objective of the transform i…
A Theory of the Saving Rate of the Rich
Qingyin Ma, Alexis Akira Toda
Empirical evidence suggests that the rich have higher propensity to save than do the poor. While this observation may appear to contradict the homotheticity of preferences, we theo…
Asymptotic Linearity of Consumption Functions and Computational Efficiency
Qingyin Ma, Alexis Akira Toda
We prove that the consumption functions in optimal savings problems are asymptotically linear if the marginal utility is regularly varying. We also analytically characterize the as…
Dynamic Optimal Choice When Rewards are Unbounded Below
Qingyin Ma, John Stachurski
We propose a new approach to solving dynamic decision problems with rewards that are unbounded below. The approach involves transforming the Bellman equation in order to convert an…
The Income Fluctuation Problem and the Evolution of Wealth
Qingyin Ma, John Stachurski, Alexis Akira Toda
We analyze the household savings problem in a general setting where returns on assets, non-financial income and impatience are all state dependent and fluctuate over time. All thre…
The Income Fluctuation Problem with Capital Income Risk: Optimality and Stability
Qingyin Ma, John Stachurski, Alexis Akira Toda
This paper studies the income fluctuation problem with capital income risk (i.e., dispersion in the rate of return to wealth). Wealth returns and labor earnings are allowed to be s…
Dynamic Programming Deconstructed: Transformations of the Bellman Equation and Computational Efficiency
Qingyin Ma, John Stachurski
Some approaches to solving challenging dynamic programming problems, such as Q-learning, begin by transforming the Bellman equation into an alternative functional equation, in orde…
Optimal Timing of Decisions: A General Theory Based on Continuation Values
Qingyin Ma, John Stachurski
Building on insights of Jovanovic (1982) and subsequent authors, we develop a comprehensive theory of optimal timing of decisions based around continuation value functions and oper…