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Equivalence of Utilitarian Maximal and Weakly Maxmal Programs

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Author Info
Banerjee, Kuntal (Florida Atlantic University)
Mitra, Tapan (Cornell University)
Abstract

For 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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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 09-03.

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Date of creation: Feb 2009
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Handle: RePEc:ecl:corcae:09-03

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C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D90 - Microeconomics - - Intertemporal Choice and Growth - - - 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

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This page was last updated on 2009-11-8.

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