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Equivalence of Utilitarian Maximal and Weakly Maximal Programs

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  • Kuntal Banerjee

    ()
    (Department of Economics, College of Business, Florida Atlantic University)

  • Tapan Mitra

    ()
    (Department of Economics, 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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File URL: http://kuntal.banerjee.googlepages.com/Equivalence1Feb2009.pdf
File Function: First version, 2009
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Bibliographic Info

Paper provided by Department of Economics, College of Business, Florida Atlantic University in its series Working Papers with number 09002.

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Length: 24 pages
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:fal:wpaper:09002

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Keywords: Utilitarian Maximal; Weakly Maximal; Phelps-Koopmans condition; Aggregative growth models;

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  1. Basu, Kaushik & Mitra, Tapan, 2007. "Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization," Journal of Economic Theory, Elsevier, vol. 133(1), pages 350-373, March.
  2. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07.
  3. Majumdar, Mukul & Mitra, Tapan, 1982. "Intertemporal allocation with a non-convex technology: The aggregative framework," Journal of Economic Theory, Elsevier, vol. 27(1), pages 101-136, June.
  4. Majumdar, Mukul & Mitra, Tapan, 1983. "Dynamic Optimization with a Non-Convex Technology: The Case of a Linear Objective Function," Review of Economic Studies, Wiley Blackwell, vol. 50(1), pages 143-51, January.
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