On the non-existence of optimal programs in the Robinson-Solow-Srinivasan (RSS) model
AbstractWe show that in the 2-sector RSS model, there is no optimal program for any initial stock when the felicity function is linear and the marginal rate [xi] equals unity. This settles a conjecture, unresolved since 2005.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 109 (2010)
Issue (Month): 2 (November)
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Web page: http://www.elsevier.com/locate/ecolet
RSS model Optimal programs Brock prices Minimum value-loss programs Cesaro means convergence;
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- M. Ali Khan & Tapan Mitra, 2007. "Optimal Growth In A Two-Sector Rss Model Without Discounting: A Geometric Investigation," The Japanese Economic Review, Japanese Economic Association, vol. 58(2), pages 191-225.
- Khan, M. Ali & Zaslavski, Alexander J., 2009. "On existence of optimal programs: The RSS model without concavity assumptions on felicities," Journal of Mathematical Economics, Elsevier, vol. 45(9-10), pages 624-633, September.
- Nishimura, Kazuo & Yano, Makoto, 1995. "Nonlinear Dynamics and Chaos in Optimal Growth: An Example," Econometrica, Econometric Society, vol. 63(4), pages 981-1001, July.
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