From Linear to Nonlinear Utility in Vintage Capital Models
AbstractOptimization problems with nonlinear utility and endogenous capital lifetime are investigated in one- and two-sector modifications of the Solow vintage capital model. Both models have the same balanced growth path in the case of exponential technological change and labour. Turnpike theorems in normal form are proved for the optimal capital lifetime in both models. The differences between the cases of the linear and nonlinear utility are highlighted.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Mathematical Population Studies.
Volume (Year): 15 (2008)
Issue (Month): 4 ()
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Other versions of this item:
- HRITONENKO, Natali & YATSENKO, Yuri, . "From linear to nonlinear utility in vintage capital models," CORE Discussion Papers RP -2148, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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