Suppes–Sen maximality of cyclical consumption: The neoclassical growth model
Journal of Mathematical Economics, 2017, vol. 70, issue C, 51-65
In this paper we demonstrate the existence of cyclical consumption that are maximal according to the Suppes–Sen grading principle for the Aggregative Growth Model. The paper demonstrates the optimality of cyclical consumption paths in the absence of discounting for the smooth neoclassical growth model. The process of this verification allows us to develop the theory of weakly maximal paths for a non-concave and discontinuous utility function extending previous results from Optimal Growth Theory.
Keywords: Suppes–Sen grading principle; Persistent cyclical consumption; Neoclassical growth model; Optimal growth; Non-concave utility function (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:70:y:2017:i:c:p:51-65
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