We examine whether the Phelps-Koopmans theorem is valid in models with nonconvex production technologies. We show by example that a nonstationary path that converges to a capital stock above the smallest golden rule may indeed be efficient. This finding has the important implication that...

"Mathematical Programming Models for Agriculture, Environmental, and Resource Economics provides a comprehensive overview of mathematical programming models and their applications to real world and important problems confronting agricultural, environmental, and resource economists. Unlike most...