Equivalence of utilitarian maximal and weakly maximal programs

Arbeitspapier

For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CAE Working Paper ; No. 09-03

Classification and Topics

• Classification: Wirtschaft ; Optimization Techniques; Programming Models; Dynamic Analysis ; Micro-Based Behavioral Economics: General‡ ; General Aggregative Models: General ; One, Two, and Multisector Growth Models
• Subject: Utilitarian Maximal ; Weakly Maximal ; Phelps-Koopmans condition ; Aggregative growth models

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Banerjee, Kuntal ; Mitra, Tapan
• Event: Veröffentlichung
• (who): Cornell University, Center for Analytical Economics (CAE)
• (where): Ithaca, NY
• (when): 2009

Further information

• Handle: http://hdl.handle.net/10419/70443
• Last update: 10.03.2025, 11:43 AM CET