Cake eating, exhaustible resource extraction, life-cycle saving, and non-atomic games: Existence theorems for a class of optimal allocation problems
This paper investigates the problem concerning the existence of a solution to a diverse class of optimal allocation problems which include models of cake eating, exhaustible resource extraction, life-cycle saving, and non-atomic games. A new formulation that encompasses all these diverse models is provided. Examples of these models for which a solution does not exist and the causes of the non-existence are studied. Two theorems are provided to tackle the existence problem under different conditions. Several analytical examples with a closed-form solution are offered to illustrate the usefulness of the existence theorems.
Year of publication: |
2009
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Authors: | Leung, Siu Fai |
Published in: |
Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 33.2009, 6, p. 1345-1360
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Publisher: |
Elsevier |
Keywords: | Cake eating Exhaustible resource extraction Life-cycle saving Non-atomic games Optimal allocation Existence |
Saved in:
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