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A simple proof of Ekeland and Scheinkman's result on the necessity of a transversality condition

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  • Takashi Kamihigashi

    ()
    (Department of Economics, SUNY-Stony Brook, Stony Brook, NY 11794-4384, USA)

Abstract

Ekeland and Scheinkman (1986) prove the necessity of a standard transversality condition under certain technical conditions. Their result is one of the most powerful on the necessity of a transversality condition currently available in the literature, and their proof involves numerous estimations and relies on Ekeland's variational principle and Fatou's lemma. This note relaxes some of their assumptions and provides a simple proof that uses neither Ekeland's principle nor a convergence result like Fatou's lemma.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 15 (2000)
Issue (Month): 2 ()
Pages: 463-468

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Handle: RePEc:spr:joecth:v:15:y:2000:i:2:p:463-468

Note: Received: April 24, 1998; revised version: September 8, 1998
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Related research

Keywords: Transversality condition; Dynamic optimization.;

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Cited by:
  1. Takashi Kamihigashi, 2004. "Necessity of the Transversality Condition for Stochastic Models with Bounded or CRRA Utility," Discussion Paper Series 162, Research Institute for Economics & Business Administration, Kobe University, revised Oct 2004.
  2. Willem H. Buiter & Anne C. Sibert, 2007. "Deflationary bubbles," LSE Research Online Documents on Economics 3323, London School of Economics and Political Science, LSE Library.
  3. Takashi Kamihigashi, 2001. "Necessity of Transversality Conditions for Stochastic Problems," Department of Economics Working Papers, Stony Brook University, Department of Economics 01-02, Stony Brook University, Department of Economics.
  4. Dapeng Cai & Takashi Gyoshin Nitta, 2012. "Transversality Conditions for Stochastic Higher-Order Optimality: Continuous and Discrete Time Problems," Papers 1203.3869, arXiv.org.
  5. Takashi Kamihigashi, 2002. "A simple proof of the necessity of the transversality condition," Economic Theory, Springer, Springer, vol. 20(2), pages 427-433.

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