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.
Year of publication: |
2010
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Authors: | Banerjee, Kuntal ; Mitra, Tapan |
Published in: |
Journal of Mathematical Economics. - Elsevier, ISSN 0304-4068. - Vol. 46.2010, 3, p. 279-292
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Publisher: |
Elsevier |
Keywords: | Utilitarian maximal Weakly maximal Phelps-Koopmans condition Aggregative growth models |
Saved in:
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