From Linear to Nonlinear Utility in Vintage Capital Models

Natali Hritonenko and Yuri Yatsenko

Mathematical Population Studies, 2008, vol. 15, issue 4, 230-248

Abstract: Optimization problems with nonlinear utility and endogenous capital lifetime are investigated in one- and two-sector modifications of the Solow vintage capital model. Both models have the same balanced growth path in the case of exponential technological change and labour. Turnpike theorems in normal form are proved for the optimal capital lifetime in both models. The differences between the cases of the linear and nonlinear utility are highlighted.

Keywords: balanced growth path; capital lifetime; nonlinear utility; optimization; turnpike theorems; vintage capital models (search for similar items in EconPapers)
Date: 2008
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Working Paper: From linear to nonlinear utility in vintage capital models (2009)
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DOI: 10.1080/08898480802440794

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