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Lionel McKenzie

A chapter in Value and Capital: Fifty Years Later, 1991, pp 410-420 from Palgrave Macmillan

Abstract: Abstract In this chapter Atsumi has undertaken a thorough investigation of the problem of the internal rate of return of an investment process and its relation to the equilibrium rate of interest in a competitive market. His market extends through the indefinite future. The rate of interest remains constant over time. This means that the price of the commodity in which investment and return are expressed has a constant ratio between any two successive periods, that is, p t+1 /p t = (β−1, where P is the interest factor, or ϱ = β − 1 is the rate of interest, and β−1 is the discount factor.

Keywords: Discount Factor; Competitive Equilibrium; Transversality Condition; Output Matrix; Original Process (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11029-2_25

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DOI: 10.1007/978-1-349-11029-2_25

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