Transversality Conditions for Infinite Horizon Variational Problems on Time Scales

We consider problems of the calculus of variations on unbounded time scales. We prove the validity of the Euler-Lagrange equation on time scales for infinite horizon problems, and a new transversality condition.Comment: Submitted 6-October-2009; Accepted 19-March-2010 in revised form; for publication in "Optimization Letters"

Rational land and housing bubbles in infinite-horizon economies

URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2016.htmlDocuments de travail du Centre d'Economie de la Sorbonne 2016.27 - ISSN : 1955-611XThis paper considers rational land and housing bubbles in an infinite-horizon general equilibrium model. Their demands rest on two different grounds: the land is an input to produce while the house may be consumed. Our work differs from the existing literature in two respects. First, dividends on both these long-lived assets are endogenous and their sequences are computed. Second, we introduce and study different concepts of bubbles, including individual and strong bubbles

Dynamic optimization with a nonsmooth, nonconvex technology: the case of a linear objective function

Nonconvex, nonsmooth, discontinuous technology, Extinction, Survival, Turnpike, Linear utility, C61, D90, O41, Q20,

Non-convex aggregate technology and optimal economic growth

Nonconvex aggregate technology, Poverty trap, Multiple equilibria, Dynamic convergence, C61, D90, O41, Q20,