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Non-optimality of the Myopic Decision Rule: The Case of a Two-Sector Open Economy

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  • TAPAN BISWAS

    (Department ofEconomics, University of California, Santa Barbara)

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    Abstract

    This paper is concerned with optimal allocation of investment in a two-sector open economy with non-shiftable capital. We have assumed a stationary population and fixed terms of trade. It has been shown that, if the economy starts with a small amount of capital in each sector, the myopic decision rule under static expectations will not be compatible with the conditions of optimal in- vestment allocation.

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    Bibliographic Info

    Article provided by Rimini Centre for Economic Analysis in its journal Review of Economic Analysis.

    Volume (Year): 4 (2012)
    Issue (Month): 1 (June)
    Pages: 157-163

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    Handle: RePEc:ren:journl:v:4:y:2012:i:1:p:157-163

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