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From Linear to Nonlinear Utility in Vintage Capital Models

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  • NATALI HRITONENKO
  • YURI YATSENKO

Abstract

Optimization 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 Info

Article provided by Taylor & Francis Journals in its journal Mathematical Population Studies.

Volume (Year): 15 (2008)
Issue (Month): 4 ()
Pages: 230-248

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Handle: RePEc:taf:mpopst:v:15:y:2008:i:4:p:230-248

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Keywords: balanced growth path; capital lifetime; nonlinear utility; optimization; turnpike theorems; vintage capital models;

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Cited by:
  1. Silvia Faggian & Giorgio Fabbri & Giuseppe Freni, 2013. "On the Mitra--Wan Forest Management Problem in Continuous Time," Working Papers 2013:28, Department of Economics, University of Venice "Ca' Foscari".

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