EconPapers    
Economics at your fingertips  
 

Equivalence of Utilitarian Maximal and Weakly Maxmal Programs

Kuntal Banerjee and Tapan Mitra
Additional contact information
Kuntal Banerjee: Florida Atlantic University

Working Papers from Cornell University, Center for Analytic Economics

Abstract: For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.

JEL-codes: C61 D90 E10 O41 (search for similar items in EconPapers)
Date: 2009-02
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://cae.economics.cornell.edu/09-03.pdf

Related works:
Journal Article: Equivalence of utilitarian maximal and weakly maximal programs (2010) Downloads
Working Paper: Equivalence of Utilitarian Maximal and Weakly Maximal Programs (2009) Downloads
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:ecl:corcae:09-03

Access Statistics for this paper

More papers in Working Papers from Cornell University, Center for Analytic Economics Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2024-02-17
Handle: RePEc:ecl:corcae:09-03