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Abstract

In this paper we propose a unifying approach to study optimal growth models with bounded or unbounded returns. We prove existence of optimal solutions. We prove also, without using contraction method, that the value function is the unique solution to the Bellman equation in some classes of functions.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 105 (2002)
Issue (Month): 1 (July)
Pages: 158-187

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Handle: RePEc:eee:jetheo:v:105:y:2002:i:1:p:158-187

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Web page: http://www.elsevier.com/locate/inca/622869

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Find related papers by JEL classification:

• C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
• O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

References

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1. Alvarez, Fernando & Stokey, Nancy L., 1998. "Dynamic Programming with Homogeneous Functions," Journal of Economic Theory, Elsevier, vol. 82(1), pages 167-189, September.
2. Dana, Rose-Anne & Van, Cuong Le, 1991. "Optimal growth and Pareto optimality," Journal of Mathematical Economics, Elsevier, vol. 20(2), pages 155-180.
3. Boud, John III, 1990. "Recursive utility and the Ramsey problem," Journal of Economic Theory, Elsevier, vol. 50(2), pages 326-345, April.
4. Duran, Jorge, 1997. "On dynamic programming with unbounded returns," CEPREMAP Working Papers (Couverture Orange) 9710, CEPREMAP.
   
   • Jorge DurÂn, 2000. "On dynamic programming with unbounded returns," Economic Theory, Springer, vol. 15(2), pages 339-352.
   • Duran, Jorge, 1997. "On Dynamic Programming with Unbounded Returns," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1997033, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
5. Streufert, Peter A, 1990. "Stationary Recursive Utility and Dynamic Programming under the Assumption of Biconvergence," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 79-97, January.
6. Streufert, Peter A., 1992. "An abstract topological approach to dynamic programming," Journal of Mathematical Economics, Elsevier, vol. 21(1), pages 59-88.
7. Becker, Robert A & Boyd, John H, III & Foias, Ciprian, 1991. "The Existence of Ramsey Equilibrium," Econometrica, Econometric Society, vol. 59(2), pages 441-60, March.

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