Non-existence of optimal programs for undiscounted growth models in continuous time - Aix-Marseille Université Access content directly
Journal Articles Economics Letters Year : 2017

Non-existence of optimal programs for undiscounted growth models in continuous time

Abstract

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 neighborhood of the steady state. The example proves, for optimal growth models, a conjecture advanced in 1976 by Brock and Haurie that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.
No file

Dates and versions

hal-01590006 , version 1 (19-09-2017)

Identifiers

Cite

Giorgio Fabbri, Silvia Faggian, Giuseppe Freni. Non-existence of optimal programs for undiscounted growth models in continuous time. Economics Letters, 2017, 152 (C), pp.57--61. ⟨10.1016/j.econlet.2016.12.022⟩. ⟨hal-01590006⟩
100 View
0 Download

Altmetric

Share

Gmail Facebook X LinkedIn More