Non-existence of optimal programs for undiscounted growth models in continuous time

Giorgio Fabbri, Silvia Faggian and Giuseppe Freni

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Abstract: We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique "golden rule", no overtaking optimal solutions exists in a full neighborhood of the steady state. The example proves, for optimal growth models, a conjecture advanced in 1976 by Brock and Haurie that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.

Keywords: Optimal Growth; Overtaking; Continuous time models (search for similar items in EconPapers)
Date: 2017-03
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Published in Economics Letters, 2017, 152 (C), pp.57--61. ⟨10.1016/j.econlet.2016.12.022⟩

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Journal Article: Non-existence of optimal programs for undiscounted growth models in continuous time (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01590006

DOI: 10.1016/j.econlet.2016.12.022

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