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On choice of technique in the Robinson-Solow-Srinivasan model

  • M. Ali Khan
  • Tapan Mitra

We report results on the optimal "choice of technique" in a model originally formulated by Robinson, Solow and Srinivasan. By viewing this model as a specific instance of the general theory of intertemporal resource allocation associated with Brock, Gale and McKenzie, we resolve long-standing conjectures in the form of theorems on the existence and price-support of optimal paths, and on their long-run behavior. We also examine policies, due to Stiglitz, as a cornerstone for a theory of transition dynamics in this model. We present examples to show that (i) an optimal program can be periodic, (ii) a Stiglitz' program can be bad, and (iii) a Stiglitz production program can be non-optimal. We then provide sufficient conditions under which the policies proposed by Stiglitz coincide with optimal behavior.

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Article provided by The International Society for Economic Theory in its journal International Journal of Economic Theory.

Volume (Year): 1 (2005)
Issue (Month): 2 ()
Pages: 83-110

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Handle: RePEc:bla:ijethy:v:1:y:2005:i:2:p:83-110
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