Intertemporal Optimality in a Closed Linear Model of Production

Swapan Dasgupta and Tapan Mitra

Chapter 5 in Decentralization in Infinite Horizon Economies, 2015, pp 72-99 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The paper presents the main results on intertemporal optimality with discounting in a closed linear model of production, including the price characterization of optimal programs, the existence of a steady-state optimal program, and a turnpike property of optimal programs from arbitrary initial stocks. Some of these results are used to provide a characterization of the optimality of competitive programs in terms of a “decentralizable” condition.

Keywords: Efficient Allocations; Optimal Growth; Transversality Conditions; Decentralization; Mechanism Design; Rolling Plans (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814699631_0005 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814699631_0005 (text/html)
Ebook Access is available upon purchase.

Related works:
Journal Article: Intertemporal optimality in a closed linear model of production (1988)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814699631_0005

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().