36 research outputs found
Limit of the Solutions for the Finite Horizon Problems as the Optimal Solution to the Infinite Horizon Optimization Problems
Full text linkWe aim to generalize the results of Cai and Nitta (2007) by allowing both the
utility and production function to depend on time. We also consider an
additional intertemporal optimality criterion. We clarify the conditions under
which the limit of the solutions for the finite horizon problems is optimal
among all attainable paths for the infinite horizon problems under the
overtaking criterion, as well as the conditions under which such a limit is the
unique optimum under the sum-of-utilities criterion. The results are applied to
a parametric example of the one-sector growth model to examine the impacts of
discounting on optimal paths
Comparing editorial problems: the Harrod papers and the making of Haberler's prosperity and depression
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A rejoinder to O'Donnell's critique of the ergodic/nonergodic explanation of Keynes's concept of uncertainty
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