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Intertemporal Complementarity and Optimality: A Study of a Two-Dimensional Dynamical System

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Author Info
Kazuo Nishimura
Tapan Mitra
Abstract

We study the underlying structure of the two-dimensional dynamical system generated by a class of dynamic optimization models, which allow for intertemporal complementarily between adjacent periods, but which preserve the time additively separable framework of Ramsey models. Specifically, we identify conditions under which the results of the traditional Ramsey type theory are preserved even when the intertemporal independence assumption is relaxed. Local analysis of this theme has been presented by Samuelson (1971). We establish global convergence results and relate them to the local analysis, by using the mathematical theory of two-dimensional dynamical syste

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Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 543.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:feam04:543

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Keywords: intertemporal complementarity; supermodularity; monotonicity; turnpike property;

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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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    Other versions:
  3. Lane, John & Mitra, Tapan, 1981. "On Nash Equilibrium Programs of Capital Accumulation under Altruistic Preferences," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(2), pages 309-31, June. [Downloadable!] (restricted)
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  7. Ryder, Harl E, Jr & Heal, Geoffrey M, 1973. "Optimum Growth with Intertemporally Dependent Preferences," Review of Economic Studies, Blackwell Publishing, vol. 40(1), pages 1-33, January. [Downloadable!] (restricted)
  8. Sundaresan, Suresh M, 1989. "Intertemporally Dependent Preferences and the Volatility of Consumption and Wealth," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 2(1), pages 73-89. [Downloadable!] (restricted)
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  13. Benhabib, Jess & Nishimura, Kazuo, 1983. "Competitive Equilibrium Cycles," Working Papers 83-30, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  14. Boyer, Marcel, 1978. "A Habit Forming Optimal Growth Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(3), pages 585-609, October. [Downloadable!] (restricted)
    Other versions:
  15. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
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