A New Turnpike Theorem for Discounted Programs
AbstractIn this paper we present new results on the local and global convergence property of solutions to an optimization model where the objective function is a discounted sum of stationary one-period utilities. The asymptotic local turnpike is given without differentiability assumptions but imposing some mild curvature restrictions on the utility function. This approach allows us to get easy estimates on the range of discount factors and the size of the neighborhood for which the asymptotic property occurs. The paper concludes by providing two global turnpike theorems. The first one is an asymptotic theorem derived from a result similar to Scheinkman's visit lemma. The second one turns out to be a restatement of McKenzie's neighborhood turnpike theorem.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 5 (1995)
Issue (Month): 3 (May)
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00199/index.htm
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Takashi Kamihigashi & Santanu Roy, 2003.
"A Nonsmooth, Nonconvex Model of Optimal Growth,"
Discussion Paper Series
158, Research Institute for Economics & Business Administration, Kobe University.
- Takashi Kamihigashi & Santanu Roy, 2003. "A Nonsmooth, Nonconvex Model of Optimal Growth," Discussion Paper Series 139, Research Institute for Economics & Business Administration, Kobe University.
- Takashi Kamihigashi & Santanu Roy, 2005. "A nonsmooth, nonconvex model of optimal growth," Discussion Paper Series 173, Research Institute for Economics & Business Administration, Kobe University.
- Venditti, Alain, 1997.
"Strong Concavity Properties of Indirect Utility Functions in Multisector Optimal Growth Models,"
Journal of Economic Theory,
Elsevier, vol. 74(2), pages 349-367, June.
- Venditti, A., 1995. "Strong Concavity Properties of Direct Utility Functions in Multisector Optimal Growth Models," G.R.E.Q.A.M. 95a31, Universite Aix-Marseille III.
- Cesar Guerrero-Luchtenberg, 1998. "- A Turnpike Theoreme For A Family Of Functions," Working Papers. Serie AD 1998-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Joshi, Sumit, 2003.
"The stochastic turnpike property without uniformity in convex aggregate growth models,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 27(7), pages 1289-1315, May.
- Sumit Joshi, 1999. "The Stochastic Turnpike Property without Uniformity in Convex Aggregate Growth Models," Working papers 67, Centre for Development Economics, Delhi School of Economics.
- Adriana Piazza, 2009. "The optimal harvesting problem with a land market: a characterization of the asymptotic convergence," Economic Theory, Springer, vol. 40(1), pages 113-138, July.
- Montrucchio, Luigi, 1995. "A turnpike theorem for continuous-time optimal-control models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 599-619, April.
- Bosi, Stefano & Magris, Francesco & Venditti, Alain, 2005. "Competitive equilibrium cycles with endogenous labor," Journal of Mathematical Economics, Elsevier, vol. 41(3), pages 325-349, April.
- Joël Blot & Bertrand Crettez, 2007. "On the smoothness of optimal paths II: some local turnpike results," Decisions in Economics and Finance, Springer, vol. 30(2), pages 137-150, November.
- Guerrero-Luchtenberg, C.L., 2000. "A uniform neighborhood turnpike theorem and applications," Journal of Mathematical Economics, Elsevier, vol. 34(3), pages 329-357, November.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.