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On Locally Optimal Programs in The RSS (Robinson-Solow-Srinivasan) Model

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In the context of a model due to Robinson, Solow and Srinivasan (the RSS model), we report results on the existence and characterization of locally optimalprograms, a concept taken from theoretical physics. In particular, we propose a(new) transversality condition under which all locally optimal programs are good. An extended introduction places our theorems in the context of previous work on the existence question, including that on agreeable programs. It appears that there is no completely rational way to attack [the] problem without considering development programmes over an in¯nite horizon (Gale 1967). The analysis of simple models is essential if we are to understand the corresponding situation for more complex models of the economy (Mirrlees-Stern 1972). The technical convenience, for clear and quantitative results, of using an in¯nite time horizon is rather great (Hammond-Mirrlees 1973).

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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 396.

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Date of creation: 2009
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Handle: RePEc:qld:uq2004:396

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