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Non-existence of Optimal Programs in Continuous Time

Listed author(s):
  • Giorgio Fabbri

    (Aix-Marseille Univ. (Aix-Marseille School of Economics), CNRS & EHES, France)

  • Silvia Faggian

    ()

    (Department of Economics, University Of Venice Cà Foscari, Italy)

  • Giuseppe Freni

    (Department of Business and Economics, University of Naples “Parthenope”, Naples, Italy.)

We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique “golden rule”, no overtaking optimal solutions exists in a full neighbourhood of the steady state. The example confirms a conjecture advanced in 1976 that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.

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File URL: http://www.unive.it/media/allegato/DIP/Economia/Working_papers/Working_papers_2016/WP_DSE_fabbri_faggian_freni_21_16.pdf
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Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2016:21.

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Length: 20
Date of creation: 2016
Handle: RePEc:ven:wpaper:2016:21
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  1. Fabbri, Giorgio & Faggian, Silvia & Freni, Giuseppe, 2015. "On the Mitra–Wan forest management problem in continuous time," Journal of Economic Theory, Elsevier, vol. 157(C), pages 1001-1040.
  2. David Gale, 1967. "On Optimal Development in a Multi-Sector Economy," Review of Economic Studies, Oxford University Press, vol. 34(1), pages 1-18.
  3. 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.
  4. Khan, M. Ali & Piazza, Adriana, 2010. "On the non-existence of optimal programs in the Robinson-Solow-Srinivasan (RSS) model," Economics Letters, Elsevier, vol. 109(2), pages 94-98, November.
  5. Peleg, Bezalel, 1973. "A Weakly Maximal Golden-Rule Program for a Multi-Sector Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 574-579, October.
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