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Optimal growth models with bounded or unbounded returns: a unifying approach

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  • LE VAN, Cuong
  • MORHAIM, Lisa

Abstract

In this paper we propose a unifying approach to study optimal growth models with bounded or unbounded returns (above/below). We prove existence of optimal solutions. We prove also, without using contraction method, that the Value function is the unique solution to the Bellman equation in some classes of functions. The value function can be obtained by the usual algorithm defined by the operator provided by the Bellman equation. The well-known results, and those in Alvarez and Stokey (1998) can be obtained from this paper.

Suggested Citation

  • LE VAN, Cuong & MORHAIM, Lisa, 2001. "Optimal growth models with bounded or unbounded returns: a unifying approach," LIDAM Discussion Papers CORE 2001034, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:2001034
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    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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