We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique “golden rule”, no overtaking optimal solutions exists in a full neighbourhood of the steady state. The example confirms a conjecture advanced in 1976 that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.
Non-existence of Optimal Programs in Continuous Time: an extended version
FAGGIAN, Silvia;
2015-01-01
Abstract
We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique “golden rule”, no overtaking optimal solutions exists in a full neighbourhood of the steady state. The example confirms a conjecture advanced in 1976 that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.
File in questo prodotto:
| File | Dimensione | Formato | |
|---|---|---|---|
|
WP_DSE_fabbri_faggian_freni_21_16.pdf
accesso aperto
Descrizione: Working Paper
Tipologia:
Documento in Pre-print
Licenza:
Accesso libero (no vincoli)
Dimensione
5.15 MB
Formato
Adobe PDF
|
5.15 MB | Adobe PDF | Visualizza/Apri |
I documenti in ARCA sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
