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

  • Ali Khan, M.

We report results on the optimal \choice of technique" in a model originally formulated by Robinson, Solow and Srinivasan (henceforth, the RSS model) and further discussed by Okishio and Stiglitz. By viewing this vintage-capital model without discounting as a speci c instance of the general theory of intertemporal resource allocation associated with Brock, Gale and McKenzie, we resolve longstanding conjectures in the form of theorems on the existence and price support of optimal paths, and of conditions suÆcient for the optimality of a policy rst identi ed by Stiglitz. We dispose of the necessity of these conditions in surprisingly simple examples of economies in which (i) an optimal path is periodic, (ii) a path following Stiglitz' policy is bad, and (iii) there is optimal investment in di erent vintages at di erent times. (129 words)

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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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  15. 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).
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  17. 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).
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  19. 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).
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