SYNC: update amss.md from lecture-python-advanced.myst#8
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Brings in upstream commit 8c84d8da (PR #312, "Update Tom's edits to AMSS and Calvo Lectures"): restructured Overview, reworded AMSS framing, and a note on the zero-transfers assumption. No intersphinx prefixes to preserve. Co-Authored-By: Claude Opus 4.7 (1M context) <noreply@anthropic.com>
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Pull request overview
Synchronizes lectures/amss.md in lecture-dp with its upstream source (lecture-python-advanced.myst), updating the lecture text/structure to match the latest upstream version.
Changes:
- Reworked the lecture’s opening by adding a new “Overview” section near the top and removing the old one.
- Clarified the “zero transfers” assumption by moving the discussion into a dedicated
{note}admonition. - Minor wording adjustments later in the lecture.
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| optimal taxation with state-contingent debt due to Robert E. Lucas, Jr., and Nancy Stokey {cite}`LucasStokey1983`. | ||
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| In this lecture, we describe how Aiyagari, Marcet, Sargent, and Seppälä {cite}`aiyagari2002optimal` (hereafter, AMSS) modified that model. | ||
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| In a nutshell, AMSS studied optimal taxation in a version of Lucas and Stokey's environment **without** state-contingent debt. | ||
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| In this lecture, we |
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| In a nutshell, AMSS studied optimal taxation in a version of Lucas and Stokey's environment **without** state-contingent debt. | ||
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| In this lecture, we |
| Throughout this lecture, we shall set transfers to zero. | ||
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| ```{note} | ||
| For some issues about the limiting behavior of debt, this is possibly an important difference from AMSS {cite}`aiyagari2002optimal`. AMSS restricted transfers to be non-negative. |
| This outcome reflects the presence of a force for **precautionary saving** that the incomplete markets structure imparts to the Ramsey plan. | ||
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| In {doc}`this subsequent lecture <amss2>` and {doc}`this subsequent lecture <amss3>`, some ultimate consequences of that force are explored. | ||
| In {doc}`this subsequent lecture <amss2>` and {doc}`this subsequent lecture <amss3>`, consequences of that force are explored. |
Pulls in un_insure.md execution fix (#17) so CI passes.
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Syncs
lectures/amss.mdwith its primary sourcelecture-python-advanced.myst(see #7 for the source mapping).The lecture-dp copy was last at the initial-setup version (2026-01-14). Upstream commit
8c84d8da(PR QuantEcon/lecture-python-advanced.myst#312, "Update Tom's edits to AMSS and Calvo Lectures", 2026-02-23) reworked it: restructured the Overview, reworded the AMSS framing, and added a note on the zero-transfers assumption.After this sync the file is byte-identical to the source. No intersphinx prefixes needed preserving.
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