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Adaptive Rolling Plans Are Good

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  • Maćkowiak, Piotr

Abstract

Here we prove the goodness property of adaptive rolling plans in a multisector optimal growth model under decreasing returns in deterministic environment. Goodness is achieved as a result of fast convergence (at an asymptotically geometric rate) of the rolling plan to balanced growth path. Further on, while searching for goodness, we give a new proof of strong concavity of an indirect utility function – this result is achieved just with help of some elementary matrix algebra and differential calculus.

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File URL: http://mpra.ub.uni-muenchen.de/42043/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42043.

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Date of creation: 2009
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Publication status: Published in Argumenta Oeconomica 2/2010.25(2010): pp. 117-136
Handle: RePEc:pra:mprapa:42043

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Related research

Keywords: indirect utility function; good plans; adaptive rolling-planning; multisector model;

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  1. Benhabib, Jess & Nishimura, Kazuo, 1979. "The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 21(3), pages 421-444, December.
  2. Kaganovich, Michael, 1996. "Rolling planning: Optimality and decentralization," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 29(1), pages 173-185, January.
  3. Bala, V. & Majumdar, M. & Mitra, T., 1990. "Decentralized Evolutionary Mechanisms For Intertemporal Economies - A Possibility Result," Papers, Cornell - Department of Economics 422, Cornell - Department of Economics.
  4. Benhabib, Jess & Nishimura, Kazuo, 1979. "On the Uniqueness of Steady States in an Economy with Heterogeneous Capital Goods," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(1), pages 59-82, February.
  5. Venditti, Alain, 1997. "Strong Concavity Properties of Indirect Utility Functions in Multisector Optimal Growth Models," Journal of Economic Theory, Elsevier, Elsevier, vol. 74(2), pages 349-367, June.
  6. Benhabib, Jess & Nishimura, Kazuo, 1981. "Stability of Equilibrium in Dynamic Models of Capital Theory," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(2), pages 275-93, June.
  7. Michael Kaganovich, 1998. "Decentralized Evolutionary Mechanism of Growth in a Linear Multi-sector Model," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 49(3), pages 349-363, October.
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