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On choice of technique in the Robinson-Solow-Srinivasan model

  • Khan, M. Ali

We report results on the optimal "choice of technique" in a model originally formulated by Robinson, Solow and Srinivasan. By viewing this model as a specific instance of the general theory of intertemporal resource allocation associated with Brock, Gale and McKenzie, we resolve long-standing conjectures in the form of theorems on the existence and price-support of optimal paths, and on their long-run behavior. We also examine policies, due to Stiglitz, as a cornerstone for a theory of transition dynamics in this model. We present examples to show that (i) an optimal program can be periodic, (ii) a Stiglitz' program can be bad, and (iii) a Stiglitz production program can be non-optimal. We then provide sufficient conditions under which the policies proposed by Stiglitz coincide with optimal behavior.

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Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 504.

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Date of creation: 08 Oct 2003
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Handle: RePEc:fgv:epgewp:504
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  1. Dutta, Prajit K. & Mitra, Tapan, 1989. "Maximum theorems for convex structures with an application to the theory of optimal intertemporal allocation," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 77-86, February.
  2. Souza, Leonardo Rocha, 2003. "The Aliasing Effect, the Fejer Kernel and Temporally Aggregated Long Memory Processes," Economics Working Papers (Ensaios Economicos da EPGE) 470, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  3. Leonardo Rocha Souza, 2005. "A Note On Chambers'S "Long Memory And Aggregation In Macroeconomic Time Series"," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(3), pages 1059-1062, 08.
  4. P. K. Bardhan, 1969. "Optimal Growth and Allocation of Foreign Exchange," Working papers 36, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Ferreira, Pedro Cavalcanti Gomes & Pessoa, Samuel de Abreu, 2003. "The Costs of Education, Longevity and the Poverty of Nations," Economics Working Papers (Ensaios Economicos da EPGE) 472, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  6. Costa, Carlos Eugênio da, 2003. "Optimal Taxation with Gradual Learning of Types," Economics Working Papers (Ensaios Economicos da EPGE) 499, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  7. Mitra, Tapan & Wan, Henry Jr., 1986. "On the faustmann solution to the forest management problem," Journal of Economic Theory, Elsevier, vol. 40(2), pages 229-249, December.
  8. Stiglitz, Joseph E, 1970. "Reply to Mrs. Robinson on the Choice of Technique," Economic Journal, Royal Economic Society, vol. 80(318), pages 420-22, June.
  9. Neri, Marcelo Cortes, 2002. "Brazilian Macroeconomics With a Human Face: Metropolitan Crisis, Poverty and Social Targets," Economics Working Papers (Ensaios Economicos da EPGE) 464, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. Leonardo Rocha Souza, 2007. "Temporal Aggregation and Bandwidth selection in estimating long memory," Journal of Time Series Analysis, Wiley Blackwell, vol. 28(5), pages 701-722, 09.
  11. Costa, Carlos Eugênio da, 2003. "Risk Sharing and the Household Collective Model," Economics Working Papers (Ensaios Economicos da EPGE) 497, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  12. Terje Hansen & Tjalling C. Koopmans, 1972. "On the Definition and Computation of a Capital Stock Invariant Under Optimization," Cowles Foundation Discussion Papers 313R, Cowles Foundation for Research in Economics, Yale University.
  13. Neri, Marcelo Cortes & Soares, Wagner Lopes, 2002. "Pobreza, Ativos e Saúde no Brasil," Economics Working Papers (Ensaios Economicos da EPGE) 465, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  14. Cass, David & Stiglitz, Joseph E, 1969. "The Implications of Alternative Saving and Expectations Hypotheses for Choices of Technique and Patterns of Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 586-627, Part II, .
  15. McKenzie, Lionel W., 2005. "Optimal economic growth, turnpike theorems and comparative dynamics," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 26, pages 1281-1355 Elsevier.
  16. Costa, Carlos Eugênio da, 2003. "Normality Under Uncertainty," Economics Working Papers (Ensaios Economicos da EPGE) 496, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  17. Neri, Marcelo Cortes & Soares, Wagner Lopes, 2003. "Idade, Incapacidade e a Inflação do Número de Pessoas com Deficiência," Economics Working Papers (Ensaios Economicos da EPGE) 490, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
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