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From linear to nonlinear utility in vintage capital models

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  • HRITONENKO, Natali
  • YATSENKO, Yuri

Abstract

Optimization problems with nonlinear utility and endogenous capital lifetime are investigated in one- and two-sector modifications of the Solow vintage capital model. Both models have the same balanced growth path in the case of exponential technological change and labour. Turnpike theorems in normal form are proved for the optimal capital lifetime in both models. The differences between the cases of the linear and nonlinear utility are highlighted.
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  • HRITONENKO, Natali & YATSENKO, Yuri, 2009. "From linear to nonlinear utility in vintage capital models," CORE Discussion Papers RP 2148, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvrp:2148
    Note: In : Mathematical Population Studies, 15, 230-248, 2008
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    File URL: http://dx.doi.org/10.1080/08898480802440794
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    1. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015. "On the Mitra–Wan forest management problem in continuous time," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.

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