Existence of solutions in continuous-time optimal growth models
This paper studies the existence of solutions in continuous time optimization problems. It provides a theorem whose conditions can be easily checked in most models of the optimal growth theory including those with increasing return and multi-sector economies.
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Volume (Year): 37 (2008)
Issue (Month): 2 (November)
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References listed on IDEAS
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- Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
- Magill, Michael J P, 1981. "Infinite Horizon Programs," Econometrica, Econometric Society, vol. 49(3), pages 679-711, May.
- Askenazy, Philippe & Le Van, Cuong, 1999.
"A Model of Optimal Growth Strategy,"
Journal of Economic Theory,
Elsevier, vol. 85(1), pages 24-51, March.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Romer, Paul M, 1986.
"Increasing Returns and Long-run Growth,"
Journal of Political Economy,
University of Chicago Press, vol. 94(5), pages 1002-37, October.
- Chichilnisky, Graciela, 1981. "Existence and Characterization of Optimal Growth Paths Including Models with Non-Convexities in Utilities and Technologies," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 51-61, January.
- Romer, Paul M, 1986. "Cake Eating, Chattering, and Jumps: Existence Results for Variational Problems," Econometrica, Econometric Society, vol. 54(4), pages 897-908, July.
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