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A Characterization of Globally Optimal Paths in the Non-Classical Growth Model
Amir, Rabah - Cowles Foundation for Research in Economics, Yale University - 1985
propensity of consumption by unity) is a necessary condition for local (as well as for global) optimality, and is also sufficient … for local optimality, but not for global optimality. We also show that the well-known properties of the value function … -- continuity and monotonicity -ñ are sufficient (along with the above conditions) to guarantee global optimality. In other words …
Persistent link: https://www.econbiz.de/10005593556
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Exchange and Optimality
Ghosal, S.; Polemarchakis, Heracles M. - Cowles Foundation for Research in Economics, Yale University - 1996
A feasible social state is irreducible if and only if, for any non-trivial partition of individuals with two groups, there exists another feasible social state at which every individual in the first group is equally well-off and someone strictly better-off. Competitive equilibria decentralize...
Persistent link: https://www.econbiz.de/10005593635