Equivalence of utilitarian maximal and weakly maximal programs

Kuntal Banerjee and Tapan Mitra

Journal of Mathematical Economics, 2010, vol. 46, issue 3, 279-292

Abstract: 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)
Date: 2010
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Equivalence of Utilitarian Maximal and Weakly Maxmal Programs (2009)
Working Paper: Equivalence of Utilitarian Maximal and Weakly Maximal Programs (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:46:y:2010:i:3:p:279-292

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