This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

One-Sector Nonclassical Optimal Growth: Optimality Conditions and Comparative Dynamics

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Amir, Rabah
Mirman, Leonard J
Perkins, William R

Additional information is available for the following registered author(s):

Abstract

The authors consider a one-sector nonclassical model of optimal economic growth, characterized by a convex-concave production function. They provide, in a dynamic-programming context, a characterization of all local (interior) maximum of the miximand of the Bellman equation. These conditions are the Euler equation and a second order condition, namely, that the marginal propensity to consume is less than one. An example is used to illustrate these conditions. Also, several comparative dynamic results are derived. In particular, it is shown that the maximum and minimum selections out of the optimal consumption correspondence shift down as the discount factor increases. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://links.jstor.org/sici?sici=0020-6598%28199108%2932%3A3%3C625%3AONOGOC%3E2.0.CO%3B2-J&origin=repec
File Format: application/pdf
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

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.

Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 32 (1991)
Issue (Month): 3 (August)
Pages: 625-44
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:ier:iecrev:v:32:y:1991:i:3:p:625-44

Contact details of provider:
Postal: 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297
Phone: (215) 898-8487
Fax: (215) 573-2057
Email:
Web page: http://www.ssc.upenn.edu/econ/iereview/
More information through EDIRC

Order Information:
Email:
Web: http://www.blackwellpublishing.com/subs.asp?ref=0020-6598

For technical questions regarding this item, or to correct its listing, contact: ().

Related research
Keywords:

Other versions of this item:

Cited by:
(explanations, 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.)
  1. Manjira Datta & Kevin L. Reffett, 2005. "Isotone Recursive Methods: the Case of Homogeneous Agents," Tinbergen Institute Discussion Papers 05-012/2, Tinbergen Institute. [Downloadable!]
  2. Kazuo Nishimura & Tapan Mitra, 2004. "Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System," Econometric Society 2004 Far Eastern Meetings 543, Econometric Society. [Downloadable!]
  3. Manjira Datta & Leonard J. Mirman & Olivier F. Morand & Kevin L. Reffett, 2002. "Monotone Methods for Markovian Equilibrium in Dynamic Economies," Tinbergen Institute Discussion Papers 02-086/2, Tinbergen Institute. [Downloadable!]
    Other versions:
  4. Manuel S. Santos, 2003. "Estimation by Simulation of Monotone Dynamical Systems," Levine's Bibliography 506439000000000229, UCLA Department of Economics. [Downloadable!]
  5. Kazuo Nishimura & Ryszard Rudnicki & John Stachurski, 2004. "Stochastic Growth With Nonconvexities:The Optimal Case," Department of Economics - Working Papers Series 897, The University of Melbourne. [Downloadable!]
  6. David Amirault & Carolyn Kwan & Gordon Wilkinson, 2005. "A Survey of the Price-Setting Behaviour of Canadian Companies," Bank of Canada Review, Bank of Canada, vol. 127(Winter), pages 29-40. [Downloadable!]
  7. Pardey, Philip G. & Alston, Julian M. & Chan-Kang, Connie & Magalhaes, Eduardo C. & Vosti, Stephen A., 2004. "Assessing and attributing the benefits from varietal improvement research in Brazil:," Research reports 136, International Food Policy Research Institute (IFPRI). [Downloadable!]
  8. Francisco M. Gonzalez & Shouyong Shi, 2007. "An Equilibrium Theory of Declining Reservation Wages and Learning," Working Papers tecipa-292, University of Toronto, Department of Economics. [Downloadable!]
  9. Basant K. Kapur, 2005. "Capital Flows and Exchange Rate Volatility: Singapore's Experience," NBER Working Papers 11369, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Manjira Datta & Leonard Mirman & Kevin Reffett, . "Nonclassical Brock-Mirman Economies," Working Papers 2179544, Department of Economics, W. P. Carey School of Business, Arizona State University. [Downloadable!]
  11. Leonard J Mirman & Olivier F. Morand & Kevin L. Reffett, 2004. "A Qualitative Approach to Markovian Equilibrium in Infinite Horizon Economies with Capital," Levine's Bibliography 122247000000000224, UCLA Department of Economics. [Downloadable!]
  12. Manjira Datta & Leonard Mirman & Olivier F. Morand & Kevin Reffett, 2001. "Monotone Methods for Distorted Economies," Working papers 2001-03, University of Connecticut, Department of Economics. [Downloadable!]
  13. Michael Stern, 2006. "Endogenous time preference and optimal growth," Economic Theory, Springer, vol. 29(1), pages 49-70, September. [Downloadable!] (restricted)
Statistics
Access and download statistics

Did you know? You can use convenient plug-ins to search directly IDEAS from your browser.

This page was last updated on 2008-8-1.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.