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Equivalence of Utilitarian Maximal and Weakly Maximal Programs
Kuntal Banerjee () and
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Kuntal Banerjee: Department of Economics, College of Business, Florida Atlantic University
Working Papers from Department of Economics, College of Business, Florida Atlantic University
For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.
Keywords: Utilitarian Maximal; Weakly Maximal; Phelps-Koopmans condition; Aggregative growth models (search for similar items in EconPapers)
JEL-codes: C61 D90 E10 O41 (search for similar items in EconPapers)
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Downloads: (external link) http://kuntal.banerjee.googlepages.com/Equivalence1Feb2009.pdf First version, 2009 (application/pdf)
Related works: Journal Article: Equivalence of utilitarian maximal and weakly maximal programs (2010) Working Paper: Equivalence of Utilitarian Maximal and Weakly Maxmal Programs (2009) This item may be available elsewhere in EconPapers: Search for items with the same title.
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Persistent link: http://EconPapers.repec.org/RePEc:fal:wpaper:09002
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