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On a uniform turnpike of the third kind in the Robinson-Solow-Srinivasan model

  • Ali Khan, M.
  • Zaslavski, Alexander J.

On using McKenzie’s taxonomy of optimal accumulation in the longrun, we report a “uniform turnpike” theorem of the third kind in a model original to Robinson, Solow and Srinivasan (RSS), and further studied by Stiglitz. Our results are presented in the undiscounted, discrete-time setting emphasized in the recent work of Khan-Mitra, and they rely on the importance of strictly concave felicity functions, or alternatively, on the value of a “marginal rate of transformation”, ξσ, from one period to the next not being unity. Our results, despite their specificity, contribute to the methodology of intertemporal optimization theory, as developed in economics by Ramsey, von Neumann and their followers.

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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 641.

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Date of creation: 01 Jan 2007
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Handle: RePEc:fgv:epgewp:641
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  1. Mitra, Tapan & Zilcha, Itzhak, 1981. "On Optimal Economic Growth with Changing Technology and Tastes: Characterization and Stability Results," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 22(1), pages 221-38, February.
  2. Simon Gilchrist & John C. Williams, 1998. "Putty-Clay and Investment: A Business Cycle Analysis," NBER Working Papers 6812, National Bureau of Economic Research, Inc.
  3. Ali Khan, M., 2003. "On choice of technique in the Robinson-Solow-Srinivasan model," Economics Working Papers (Ensaios Economicos da EPGE) 504, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  4. 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.
  5. Lionel McKenzie, 1999. "Equilibrium, Trade, and Capital Accumulation," The Japanese Economic Review, Japanese Economic Association, vol. 50(4), pages 371-397, December.
  6. Benhabib, Jess & Rustichini, Aldo, 1994. "A note on a new class of solutions to dynamic programming problems arising in economic growth," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 807-813.
  7. M. Ali Khan & Tapan Mitra, 2007. "Optimal Growth In A Two-Sector Rss Model Without Discounting: A Geometric Investigation," The Japanese Economic Review, Japanese Economic Association, vol. 58(2), pages 191-225.
  8. Jovanovic, B., 1998. "Vintage Capital and Equality," Working Papers 98-16, C.V. Starr Center for Applied Economics, New York University.
  9. Tapan Mitra, 2005. "Characterization of the turnpike property of optimal paths in the aggregative model of intertemporal allocation," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(4), pages 247-275.
  10. Mitra, Tapan, 1979. "On Optimal Economic Growth with Variable Discount Rates: Existence and Stability Results," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(1), pages 133-45, February.
  11. Lionel W. McKenzie, 2012. "turnpike theory," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  12. Lionel W. McKenzie, 2005. "Classical General Equilibrium Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633302, March.
  13. Chari, V V & Hopenhayn, Hugo, 1991. "Vintage Human Capital, Growth, and the Diffusion of New Technology," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1142-65, December.
  14. Solow, Robert M., 2005. "Reflections on Growth Theory," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 0, pages 3-10 Elsevier.
  15. David Cass, 1964. "Optimum Economic Growth in an Aggregative Model of Capital Accumulation: A Turnpike Theorem," Cowles Foundation Discussion Papers 178, Cowles Foundation for Research in Economics, Yale University.
  16. Jovanovic, B., 1998. "Vintage Capital and Equality," Working Papers 98-16, C.V. Starr Center for Applied Economics, New York University.
  17. Dixit, Avinash K, 1970. "Growth Patterns in a Dual Economy," Oxford Economic Papers, Oxford University Press, vol. 22(2), pages 229-34, July.
  18. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
  19. repec:fth:starer:9816 is not listed on IDEAS
  20. 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.
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