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On Choice of Technique in the Robinson-Solow-Srinivasan Model

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Author Info
Khan, M. Ali (Johns Hopkins U)
Mitra, Tapan (Cornell U)
Abstract

We report results on the optimal "choice of technique" in a model originally formulated by Robinson, Solow and Srinivasan. By viewing this model as a specific instance of the general theory of intertemporal resource allocation associated with Brock, Gale and McKenzie, we resolve long-standing conjectures in the form of theorems on the existence and price-support of optimal paths, and on their long-run behavior. We also examine policies, due to Stiglitz, as a cornerstone for a theory of transition dynamics in this model. We present examples to show that (i) an optimal program can be periodic, (ii) a Stiglitz' program can be bad, and (iii) a Stiglitz production program can be non-optimal. We then provide sufficient conditions under which the policies proposed by Stiglitz coincide with optimal behavior.

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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 04-13.

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Date of creation: Jul 2004
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Handle: RePEc:ecl:corcae:04-13

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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  1. Terje Hansen & Tjalling C. Koopmans, 1972. "On the Definition and Computation of a Capital Stock Invariant Under Optimization," Cowles Foundation Discussion Papers 313R, Cowles Foundation, Yale University. [Downloadable!]
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  2. Cass, David & Stiglitz, Joseph E, 1969. "The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 586-627, Part II, . [Downloadable!] (restricted)
  3. Bardhan, Pranab K, 1971. "Optimum Growth and Allocation of Foreign Exchange," Econometrica, Econometric Society, vol. 39(6), pages 955-71, November. [Downloadable!] (restricted)
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  4. Dutta, Prajit K. & Mitra, Tapan, 1989. "Maximum theorems for convex structures with an application to the theory of optimal intertemporal allocation," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 77-86, February. [Downloadable!] (restricted)
  5. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December. [Downloadable!] (restricted)
  6. Stiglitz, Joseph E, 1970. "Reply to Mrs. Robinson on the Choice of Technique," Economic Journal, Royal Economic Society, vol. 80(318), pages 420-22, June. [Downloadable!] (restricted)
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  1. Khan, M. Ali & Mitra, Tapan, 2004. "On Topological Chaos in the Robinson-Solow-Srinivasan Model," Working Papers 04-18, Cornell University, Center for Analytic Economics. [Downloadable!]
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