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Intertemporal Optimality in a Closed Linear Model of Production

In: Decentralization in Infinite Horizon Economies

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  • SWAPAN DASGUPTA
  • TAPAN MITRA

Abstract

The paper presents the main results on intertemporal optimality with discounting in a closed linear model of production, including the price characterization of optimal programs, the existence of a steady-state optimal program, and a turnpike property of optimal programs from arbitrary initial stocks. Some of these results are used to provide a characterization of the optimality of competitive programs in terms of a “decentralizable” condition.

Suggested Citation

  • Swapan Dasgupta & Tapan Mitra, 2015. "Intertemporal Optimality in a Closed Linear Model of Production," World Scientific Book Chapters, in: Mukul Majumdar (ed.), Decentralization in Infinite Horizon Economies, chapter 5, pages 72-99, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699631_0005
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    Cited by:

    1. Jensen, Martin Kaae, 2012. "Global stability and the “turnpike” in optimal unbounded growth models," Journal of Economic Theory, Elsevier, vol. 147(2), pages 802-832.
    2. Gunter Stephan, 1990. "Innovation, Decentralization and Equilibrium," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(II), pages 129-145, June.
    3. Kaganovich, Michael, 1998. "Sustained endogenous growth with decreasing returns and heterogeneous capital," Journal of Economic Dynamics and Control, Elsevier, vol. 22(10), pages 1575-1603, August.

    More about this item

    Keywords

    Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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