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research articles : Optimal and competitive programs in reachable multi sector models

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Author Info
Tapan Mitra () (Department of Economics, Cornell University, Ithaca, NY 14853-7601, USA)
Swapan Dasgupta () (Department of Economics, Dalhousie University, Halifax, Nova Scotia B3H 3J5, CANADA)
Abstract

We show that in multi-sector optimal growth models, where the technology satisfies a simple reachability condition, infinite horizon programs which satisfy the competitive conditions are optimal. We provide examples of a variety of production models where the reachability condition is satisfied. An example is also provided where the reachability condition is not satisfied and there are competitive programs which are not optimal. The results of the paper are of interest from the standpoint of decentralization in intertemporal economies.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 14 (1999)
Issue (Month): 3 ()
Pages: 565-582
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Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:565-582

Note: Received: March 24, 1994; revised version: October 10, 1998
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Related research
Keywords: Competitive program; Optimality; Decentralization; Reachability.;

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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