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Equivalence of Utilitarian Maximal and Weakly Maximal Programs

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Author Info
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
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File Function: First version, 2009
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Publisher 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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Related research
Keywords: Utilitarian Maximal; Weakly Maximal; Phelps-Koopmans condition; Aggregative growth models;

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
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 2009-11-22.

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