Turnpike Phenomenon for the RSS Model with Nonconcave Utility Functions

Alexander J. Zaslavski
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Alexander J. Zaslavski: Technion – Israel Institute of Technology

Chapter Chapter 9 in Turnpike Theory for the Robinson–Solow–Srinivasan Model, 2020, pp 285-340 from Springer

Abstract: Abstract In this chapter we study the turnpike properties for the Robinson–Solow–Srinivasan model. To have these properties means that the approximate solutions of the problems are essentially independent of the choice of an interval and endpoint conditions. The utility functions, which determine the optimality criterion, are nonconcave. We show that the turnpike properties hold and that they are stable under perturbations of an objective function. Moreover, we consider a class of RSS models which is identified with a complete metric space of utility functions. Using the Baire category approach, we show that the turnpike phenomenon holds for most of the models. All the results of this chapter are new.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spochp:978-3-030-60307-6_9

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DOI: 10.1007/978-3-030-60307-6_9

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