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Existence of Solutions in Continuous-time Optimal Growth Models

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  • Hippolyte D'Albis

    (GREMAQ - Groupe de recherche en économie mathématique et quantitative - CNRS : UMR5604 - Université des Sciences Sociales - Toulouse I - École des Hautes Études en Sciences Sociales (EHESS) - Institut national de la recherche agronomique (INRA) : UMR)

  • Pascal Gourdel

    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

  • Cuong Le Van

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne)

Abstract

This paper studies the existence of solutions in continuous time optimization problems. It provides a theorem whose conditions can be easily checked in most models of the optimal growth theory, including those with increasing returns and multi-sector economies.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00177269.

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Date of creation: Nov 2008
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Publication status: Published, Economic Theory, 2008, 37, 2, 321-333
Handle: RePEc:hal:cesptp:halshs-00177269

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00177269
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Related research

Keywords: optimization; continuous time; optimal growth;

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References

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  1. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  2. Askenazy, Philippe & Le Van, Cuong, 1999. "A Model of Optimal Growth Strategy," Journal of Economic Theory, Elsevier, Elsevier, vol. 85(1), pages 24-51, March.
  3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  4. Romer, Paul M, 1986. "Cake Eating, Chattering, and Jumps: Existence Results for Variational Problems," Econometrica, Econometric Society, Econometric Society, vol. 54(4), pages 897-908, July.
  5. Magill, Michael J P, 1981. "Infinite Horizon Programs," Econometrica, Econometric Society, Econometric Society, vol. 49(3), pages 679-711, May.
  6. Chichilnisky, Graciela, 1981. "Existence and Characterization of Optimal Growth Paths Including Models with Non-Convexities in Utilities and Technologies," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 48(1), pages 51-61, January.
  7. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 163, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. Christian Groth & Francesco Ricci, 2009. "Optimal Growth when Environmental Quality is a Research Asset," EPRU Working Paper Series, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics 2009-11, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  2. Aditya Goenka & Lin Liu & Manh-Hung Nguyen, 2011. "Infectious Diseases and Economic Growth," LERNA Working Papers, LERNA, University of Toulouse 11.04.338, LERNA, University of Toulouse.
  3. Manh Hung Nguyen & Phu Nguyen Van, 2008. "Growth and convergence in a model with renewable and nonrenewable resources," Working Papers 21, Development and Policies Research Center (DEPOCEN), Vietnam.
  4. Nguyen, Manh-Hung & Nguyen-Van, Phu, 2010. "Growth and convergence in a model with renewable and non-renewable resources: existence, transitional dynamics, and empirical evidence," TSE Working Papers, Toulouse School of Economics (TSE) 10-210, Toulouse School of Economics (TSE).

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