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4. Mr. Kuchenfresser Meets Ms. Banker

  • 2025
  • OriginalPaper
  • Chapter
Published in:
Author
Gerald Shively
Published in
A Beginner’s Guide to Dynamic Optimization in Economics
Publisher
Springer Nature Switzerland

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Abstract

This chapter extends the cake-eating problem by introducing savings and production, anticipating tools from optimal control theory. It explores how the addition of savings, managed by Ms. Banker, influences Mr. Kuchenfresser's consumption decisions over three periods. The chapter derives the optimal path for consumption, considering the trade-offs between immediate utility and future growth. A numerical example illustrates how different rates of growth and discounting affect consumption patterns, highlighting the incentive to save for future consumption. The chapter concludes by discussing the scalability of the solution method to larger, more complex problems.
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previous chapter Impatience
next chapter Euler, Euler, Master of Us All
Title
Mr. Kuchenfresser Meets Ms. Banker
Author
Gerald Shively
Copyright Year
2025
Book
A Beginner’s Guide to Dynamic Optimization in Economics

Print ISBN: 978-3-032-09373-8

Electronic ISBN: 978-3-032-09374-5

Copyright Year: 2025

DOI
https://doi.org/10.1007/978-3-032-09374-5_4
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