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Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations

Mabrouk, Mohamed - 2006

This paper studies the Pareto-optimality of the consensual optimum established in "Allais-anonymity as an alternative … to the discounted-sum criterion I: consensual optimality" (Mabrouk 2006a). For that, a Pareto-optimality criterion is set …-optimal. Through an example, it is then shown that the golden rule must be checked to achieve Allais-anonymous optimality. The …

Persistent link: https://www.econbiz.de/10015217021

Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality

Mabrouk, Mohamed - 2006

technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality … criterion expressing an Allais-anonymous intergenerational consensus. The partial characterization of consensual optimality was … is a necessary condition for consensual optimality. The necessary study of the Pareto-optimality of the consensual …

Persistent link: https://www.econbiz.de/10015229421

Global analysis and indeterminacy in a two-sector growth model with human capital

Antoci, Angelo; Galeotti, Marcello; Russu, Paolo - 2012

The purpose of the present paper is to highlight some features of global dynamics of the two-sector growth model with accumulation of human and physical capital analyzed by Brito, P. and Venditti, A. (2010). In particular, we explore two cases where the Brito-Venditti system admits two balanced...

Persistent link: https://www.econbiz.de/10015232253

Learning-by-doing in two sectors, production structure, leisure and optimal endogenous growth

Göcke, Matthias - 2011

A model with two different production sectors and endogenous growth based on the accumulation of sector-specific human capital due to learning-by-doing is presented. Accumulation of experience is measured by means of sectoral production output aggregated over time. Growth is controlled by a...

Persistent link: https://www.econbiz.de/10010286347

Equivalence of utilitarian maximal and weakly maximal programs

Banerjee, Kuntal; Mitra, Tapan - 2009

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...

Persistent link: https://www.econbiz.de/10010292060

Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality

Mabrouk, Mohamed - Volkswirtschaftliche Fakultät, … - 2006

Persistent link: https://www.econbiz.de/10005789826

Optimal Accumulation in a Small Open Economy with Technological Uncertainty

Datta, Manjira - Department of Economics, W.P. Carey School of Business

optimality needs to be modified. From the optimality criterion, we derive a pair of conditions, which does not require …

Persistent link: https://www.econbiz.de/10005345961

Existence, Optimality and Dynamics of Equilibria with Endogenous Time Preference

Van, Cuong Le; Saglam, Cagri; Erol, Selman - Development and Policies Research Center (Depocen) - 2011

To account for the development patterns that differ considerably among economies in the long run, a variety of one-sector models that incorporate some degree of market imperfections based on technological external effects and increasing returns have been presented. This paper studies the dynamic...

Persistent link: https://www.econbiz.de/10008751503

Monotonicity and Continuity of the Critical Capital Stock in the Dechert-Nishimura Model

Akao, Ken-Ichi; Kamihigashi, Takashi; Nishimura, Kazuo - Research Institute for Economics and Business … - 2011

We show that the critical capital stock of the Dechert-Nishimura (1983) model is a decreasing and continuous function of the discount factor. We also show that the critical capital stock merges with a nonzero steady state as the discount factor decreases to a certain boundary value, and that the...

Persistent link: https://www.econbiz.de/10009003257

Factor Intensity reversal and Chaos I

Goenaka, Aditya; Poulsen, Odile - Econometric Society - 2004

We derive necessary and sufficient conditions for the occurrence of ergodic oscillations and geometric sensitivity in a two-sector model of economic growth with labor augmenting externalities. We transform the Euler equation into a first order backward first order equation. Factor intensity...

Persistent link: https://www.econbiz.de/10005063643