Cake eating, exhaustible resource extraction, life-cycle saving, and non-atomic games: Existence theorems for a class of optimal allocation problems

Siu Fai Leung ()

Journal of Economic Dynamics and Control, 2009, vol. 33, issue 6, pages 1345-1360

Abstract: This paper investigates the problem concerning the existence of a solution to a diverse class of optimal allocation problems which include models of cake eating, exhaustible resource extraction, life-cycle saving, and non-atomic games. A new formulation that encompasses all these diverse models is provided. Examples of these models for which a solution does not exist and the causes of the non-existence are studied. Two theorems are provided to tackle the existence problem under different conditions. Several analytical examples with a closed-form solution are offered to illustrate the usefulness of the existence theorems.

Keywords: Cake; eating; Exhaustible; resource; extraction; Life-cycle; saving; Non-atomic; games; Optimal; allocation; Existence (search for similar items in EconPapers)
Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:eee:dyncon:v:33:y:2009:i:6:p:1345-1360

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Journal of Economic Dynamics and Control is edited by J. Bullard, C. Chiarella, C. H. Hommes, P. N. Ireland, T. Cogley and M. Juillard

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