Equivalence of utilitarian maximal and weakly maximal programs
AbstractFor a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 46 (2010)
Issue (Month): 3 (May)
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Web page: http://www.elsevier.com/locate/jmateco
Utilitarian maximal Weakly maximal Phelps-Koopmans condition Aggregative growth models;
Other versions of this item:
- Banerjee, Kuntal & Mitra, Tapan, 2009. "Equivalence of Utilitarian Maximal and Weakly Maxmal Programs," Working Papers, Cornell University, Center for Analytic Economics 09-03, Cornell University, Center for Analytic Economics.
- Kuntal Banerjee & Tapan Mitra, 2009. "Equivalence of Utilitarian Maximal and Weakly Maximal Programs," Working Papers, Department of Economics, College of Business, Florida Atlantic University 09002, Department of Economics, College of Business, Florida Atlantic University.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D90 - Microeconomics - - Intertemporal Choice - - - General
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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