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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 46 (2010)
Issue (Month): 3 (May)
Contact details of provider:
Web page: http://www.elsevier.com/locate/jmateco
Utilitarian maximal Weakly maximal Phelps-Koopmans condition Aggregative growth models;
Other versions of this item:
- Kuntal Banerjee & Tapan Mitra, 2009. "Equivalence of Utilitarian Maximal and Weakly Maximal Programs," Working Papers 09002, Department of Economics, College of Business, Florida Atlantic University.
- Banerjee, Kuntal & Mitra, Tapan, 2009. "Equivalence of Utilitarian Maximal and Weakly Maxmal Programs," Working Papers 09-03, Cornell University, Center for Analytic Economics.
- 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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Basu, Kaushik & Mitra, Tapan, 2007.
"Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization,"
Journal of Economic Theory,
Elsevier, vol. 133(1), pages 350-373, March.
- Basu, Kaushik & Mitra, Tapan, 2003. "Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization," Working Papers 03-05, Cornell University, Center for Analytic Economics.
- Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07.
- Majumdar, Mukul & Mitra, Tapan, 1982. "Intertemporal allocation with a non-convex technology: The aggregative framework," Journal of Economic Theory, Elsevier, vol. 27(1), pages 101-136, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.