Equivalence of Utilitarian Maximal and Weakly Maxmal Programs
AbstractFor a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.
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Bibliographic InfoPaper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 09-03.
Date of creation: Feb 2009
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Other versions of this item:
- Banerjee, Kuntal & Mitra, Tapan, 2010. "Equivalence of utilitarian maximal and weakly maximal programs," Journal of Mathematical Economics, Elsevier, vol. 46(3), pages 279-292, May.
- Kuntal Banerjee & Tapan Mitra, 2009. "Equivalence of Utilitarian Maximal and Weakly Maximal Programs," Working Papers 09002, Department of Economics, College of Business, Florida Atlantic University.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D90 - Microeconomics - - Intertemporal Choice - - - General
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-26 (All new papers)
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