Differentiability of the Value Function of Nonclassical Optimal Growth Models

K. Askri and C. Le Van
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K. Askri: University of Paris-1
C. Le Van: CNRS, CEPREMAP

Journal of Optimization Theory and Applications, 1998, vol. 97, issue 3, No 4, 604 pages

Abstract: Abstract We consider an optimal growth (multi-sector) model with nonconvex technology. Using the Clarke results on generalized gradients, we prove that the value function has left and right derivatives with respect to the initial capital stock, without requiring supermodularity assumptions.

Keywords: Optimal growth models; supermodularity; lattices; Topkis theorem; Bellman equation; generalized gradients (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (12)

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DOI: 10.1023/A:1022690009338

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