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A turnpike property of optimal programs for a class of simple linear models of production

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  • Ilaria Ossella

    ()
    (Department of Economics, Uris Hall, Cornell University, Ithaca, NY 14853-7601, USA)

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    Abstract

    This paper establishes a `turnpike theorem' for a closed linear model of production with a primitive input requirement matrix. Optimal programs of resource allocation have a `turnpike property' if the growth factor of every sector in the economy converges, in the long run, to a common value. The usefulness of such a theorem is due to the fact that the input requirement matrix for an economy with a large number of goods may be primitive (some power of the matrix is strictly positive).

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    Bibliographic Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 14 (1999)
    Issue (Month): 3 ()
    Pages: 597-607

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    Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:597-607

    Note: Received: April 19, 1998; revised version: July 15, 1998
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    Related research

    Keywords: Turnpike theorem; Input output matrix.;

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