IDEAS home Printed from https://ideas.repec.org/p/qed/wpaper/326.html
   My bibliography  Save this paper

Non-Convexities in a Continuous-Time Capital Theory Problem

Author

Listed:
  • Russell Davidson
  • Richard Harris

Abstract

In a continuous-time model of capital accumulation, there are convexity or concavity conditions on benefit and cost functions which ensure that dynamical necessary conditions for optimality are also sufficient. Non-convexities can occur in various ways: the Hamiltonian can fail to be concave either in its state variable or in the control variable, and the objective function may not be continuous over time. While stock non-convexities can give rise to multiple equilibria, flow non-convexities can be convexified by averaging over time. A problem of start-up costs is studied to exemplify discontinuous objective functionals.

Suggested Citation

  • Russell Davidson & Richard Harris, 1979. "Non-Convexities in a Continuous-Time Capital Theory Problem," Working Paper 326, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:326
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Harris, Richard & Wiens, Elmer, 1979. "Investment in Capacity and a Normative Theory of the Dominant Public Firm," Queen's Institute for Economic Research Discussion Papers 275152, Queen's University - Department of Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:qed:wpaper:326. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mark Babcock (email available below). General contact details of provider: https://edirc.repec.org/data/qedquca.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.