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Existence of Optimal Strategies in Linear Multisector Models with several consumption goods

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  • Freni, Giuseppe
  • Gozzi, Fausto
  • Salvadori, Neri

Abstract

In this paper we give a sufficient and almost necessary condition for the existence of optimal strategies in linear multisector models when time is continuous and more than one consumption good exists.

Suggested Citation

  • Freni, Giuseppe & Gozzi, Fausto & Salvadori, Neri, 2009. "Existence of Optimal Strategies in Linear Multisector Models with several consumption goods," MPRA Paper 18766, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:18766
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    References listed on IDEAS

    as
    1. Magill, Michael J P, 1981. "Infinite Horizon Programs," Econometrica, Econometric Society, vol. 49(3), pages 679-711, May.
    2. Piyabha Kongsamut & Sergio Rebelo & Danyang Xie, 2001. "Beyond Balanced Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(4), pages 869-882.
    3. L. Rachel Ngai & Christopher A. Pissarides, 2007. "Structural Change in a Multisector Model of Growth," American Economic Review, American Economic Association, vol. 97(1), pages 429-443, March.
    4. Daron Acemoglu & Veronica Guerrieri, 2008. "Capital Deepening and Nonbalanced Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 116(3), pages 467-498, June.
    5. Becker, Robert A. & Boyd, John III & Sung, Bom Yong, 1989. "Recursive utility and optimal capital accumulation. I. Existence," Journal of Economic Theory, Elsevier, vol. 47(1), pages 76-100, February.
    6. Giuseppe Freni & Fausto Gozzi & Neri Salvadori, 2006. "Existence of optimal strategies in linear multisector models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 25-48, September.
    7. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
    8. Freni, Giuseppe & Gozzi, Fausto & Pignotti, Cristina, 2008. "Optimal strategies in linear multisector models: Value function and optimality conditions," Journal of Mathematical Economics, Elsevier, vol. 44(1), pages 55-86, January.
    9. Mr. Sergio Rebelo & Ms. Piyabha Kongsamut & Danyang Xie, 2001. "Beyond Balanced Growth," IMF Working Papers 2001/085, International Monetary Fund.
    10. Piyabha Kongsamut & Sergio Rebelo & Danyang Xie, 2001. "Beyond Balanced Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(4), pages 869-882.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Endogenous growth; optimal control with mixed constraints; von Neumann growth model;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium

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