Detail One-Sector Nonclassical Optimal Growth : Optimality Conditions and Comparative Dynamics   Oleh:  Perkins, William R. ; Mirman, Leonard J. ; Amir, Rabah Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 32 no. 3 (1991), page 625-644. Topik: GROWTH; neoclassical growth; conditions; dynamics Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel We consider a one - sector nonclassical model of optimal economic growth, characterized by a convex - concave production function. We provide, in a dynamic programming context a characterization of all local (interior) maximum of the maximand of the Bellman equation. These conditions are the Euler equation and a second order condition, namely, that the marginal propensity to consume is less than one. An example is used to illustrate these conditions. Also, several comparative dynamic results are derived. In particular, it is shown that the maximum and minimum selections out of the optimal consumption correspondence shift down as the discount factor increases. The techniques used in this paper are based on lattice programming developed by Topkis. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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