Limit of the Solutions for the Finite Horizon Problems as the Optimal Solution to the Infinite Horizon Optimization Problems
Dapeng Cai () and
Takashi Gyoshin Nitta
Additional contact information
Takashi Gyoshin Nitta: Department of Mathematics, Faculty of Education, Mie University, Tsu, Japan
Papers from arXiv.org
We aim to generalize the results of Cai and Nitta (2007) by allowing both the utility and production function to depend on time. We also consider an additional intertemporal optimality criterion. We clarify the conditions under which the limit of the solutions for the finite horizon problems is optimal among all attainable paths for the infinite horizon problems under the overtaking criterion, as well as the conditions under which such a limit is the unique optimum under the sum-of-utilities criterion. The results are applied to a parametric example of the one-sector growth model to examine the impacts of discounting on optimal paths.
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Published in Journal of Difference Equations and Applications Volume 17, Issue 3, 2011, Pages 359 - 373
Downloads: (external link)
http://arxiv.org/pdf/0803.4050 Latest version (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:0803.4050
Access Statistics for this paper
More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().