Arbeitspapier
Equivalence of utilitarian maximal and weakly maximal programs
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: CAE Working Paper ; No. 09-03
- Klassifikation
-
Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Micro-Based Behavioral Economics: General‡
General Aggregative Models: General
One, Two, and Multisector Growth Models
- Thema
-
Utilitarian Maximal
Weakly Maximal
Phelps-Koopmans condition
Aggregative growth models
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Banerjee, Kuntal
Mitra, Tapan
- Ereignis
-
Veröffentlichung
- (wer)
-
Cornell University, Center for Analytical Economics (CAE)
- (wo)
-
Ithaca, NY
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Banerjee, Kuntal
- Mitra, Tapan
- Cornell University, Center for Analytical Economics (CAE)
Entstanden
- 2009
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