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Equivalence of Utilitarian Maximal and Weakly Maximal Programs

Author

Listed:
  • Kuntal Banerjee

    () (Department of Economics, College of Business, Florida Atlantic University)

  • Tapan Mitra

    () (Department of Economics, Cornell University)

Abstract

For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.

Suggested Citation

  • Kuntal Banerjee & Tapan Mitra, 2009. "Equivalence of Utilitarian Maximal and Weakly Maximal Programs," Working Papers 09002, Department of Economics, College of Business, Florida Atlantic University.
  • Handle: RePEc:fal:wpaper:09002
    as

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    File URL: http://kuntal.banerjee.googlepages.com/Equivalence1Feb2009.pdf
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    References listed on IDEAS

    as
    1. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(1), pages 221-230, July.
    2. W. A. Brock, 1970. "On Existence of Weakly Maximal Programmes in a Multi-Sector Economy," Review of Economic Studies, Oxford University Press, vol. 37(2), pages 275-280.
    3. Basu, Kaushik & Mitra, Tapan, 2007. "Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization," Journal of Economic Theory, Elsevier, vol. 133(1), pages 350-373, March.
    4. Majumdar, Mukul & Mitra, Tapan, 1982. "Intertemporal allocation with a non-convex technology: The aggregative framework," Journal of Economic Theory, Elsevier, vol. 27(1), pages 101-136, June.
    5. Mukul Majumdar & Tapan Mitra, 1983. "Dynamic Optimization with a Non-Convex Technology: The Case of a Linear Objective Function," Review of Economic Studies, Oxford University Press, vol. 50(1), pages 143-151.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Utilitarian Maximal; Weakly Maximal; Phelps-Koopmans condition; Aggregative growth models;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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