Optimal consumption of the finite time horizon Ramsey problem

In this paper, we study the stochastic Ramsey problem related to an economic growth model with the CES production function in a finite time horizon. By changing variables, the Hamilton–Jacobi–Bellman equation associated with this optimization problem is transformed. By the viscosity solution technique, we show the existence of a classical solution of the transformed Hamilton–Jacobi–Bellman equation, and then give an optimal consumption policy of the original problem.