Equivalence of Utilitarian Maximal and Weakly Maxmal Programs
Kuntal Banerjee and
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Kuntal Banerjee: Florida Atlantic University
Working Papers from Cornell University, Center for Analytic Economics
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)
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Journal Article: Equivalence of utilitarian maximal and weakly maximal programs (2010)
Working Paper: Equivalence of Utilitarian Maximal and Weakly Maximal Programs (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:corcae:09-03
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