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Adaptive Rolling Plans Are Good

By Piotr Maćkowiak


Here we prove the goodness property of adaptive rolling plans in a multisector optimal growth model under decreasing returns in deterministic environment. Goodness is achieved as a result of fast convergence (at an asymptotically geometric rate) of the rolling plan to balanced growth path. Further on, while searching for goodness, we give a new proof of strong concavity of an indirect utility function – this result is achieved just with help of some elementary matrix algebra and differential calculus.

Topics: O41 - One, Two, and Multisector Growth Models, C61 - Optimization Techniques; Programming Models; Dynamic Analysis
Year: 2009
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