A turnpike property of optimal programs for a class of simple linear models of production
This paper establishes a `turnpike theorem' for a closed linear model of production with a primitive input requirement matrix. Optimal programs of resource allocation have a `turnpike property' if the growth factor of every sector in the economy converges, in the long run, to a common value. The usefulness of such a theorem is due to the fact that the input requirement matrix for an economy with a large number of goods may be primitive (some power of the matrix is strictly positive).
Volume (Year): 14 (1999)
Issue (Month): 3 ()
|Note:||Received: April 19, 1998; revised version: July 15, 1998|
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