Nonlinear functional analysis and optimal economic growth
A problem of existence and characterization of solutions of optimal growth models in many sector economies is studied The social utility to be optimized is a generalized form of a preference depending additively on consumption at the different dates of the planning period. The optimization b rattrirted to a set of admissible growth paths defined by production-investment-consumption relations described by a system of differential equations. Sufficient conditions are given for existence of a solution in a Hilbert space of paths, without convexity assumptions on either the utilities of the technology, using techniques of nonlinear functional analysis. A characterization is given of the utilities which re continuous with respect to the Hilbert space norm. Under convexity assumptions a characteristic is also given of optimal and efficient solutions by competitive prices.
|Date of creation:||1977|
|Date of revision:|
|Publication status:||Published in Journal of Mathematical Analysis and Applications no. 2.61(1977): pp. 504-520|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:7990. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.