Advanced Search
MyIDEAS: Login to save this book chapter or follow this series

Turnpike theory: a current perspective

Contents:

Author Info

  • M. Ali Khan Author-Name: Adriana Piazza
Registered author(s):

    Abstract

    This 2012 perspective of the 1987 Palgrave entry on ‘turnpike theory’ highlights the subsequent development of the subject in the light of a critical re-reading of the original. It distinguishes the 1949 conception, a response of Samuelson to a 1945 von Neumann challenge to the reception of his growth model in the economic literature, from the more capacious 1976 outline furnished by McKenzie. Thus, it differentiates asymptotic convergence of infinite-horizon optimal programs from what it terms their finite-horizon, classical turnpike counterparts. It identifies a move from the investigation of general theorems to a more detailed working of simple examples, and reports results on specific models of ‘choice of technique’ in development planning, and of lumber extraction in the economics of forestry. Drawing on ongoing advances in the field of dynamical systems, it sees such models as both litmus tests of the general theory and as productive settings to study the rationalisability of policy functions and a ‘folk theorem of intertemporal resource allocation'. The entry concludes with brief speculative remarks for future directions.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.dictionaryofeconomics.com/article?id=pde2012_T000256
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    as in new window

    This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , chapter 1, pages , 2012,2nd quarter update.

    This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:6:year:2012:doi:3878.

    Handle: RePEc:pal:dofeco:v:6:year:2012:doi:3878

    Contact details of provider:
    Web page: http://www.palgrave-journals.com/

    Order Information:
    Email:
    Web: http://www.dictionaryofeconomics.com/help/faq#_Toc198623697

    Related research

    Keywords: asymptotic convergence; classical turnpike theory; competitive equilibrium; development planning; discount factor; folk theorem; forest management; intertemporal resource allocation; middle-early-late turnpike; neighborhood turnpike theorem; optimal programs; Radner's value-loss method; Ramsey model; rationalisability; von Neumann growth model;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:pal:dofeco:v:6:year:2012:doi:3878. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sheeja Sanoj).

    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.