Equivalence of Utilitarian Maximal and Weakly Maximal Programs

Kuntal Banerjee () and Tapan Mitra
Additional contact information
Kuntal Banerjee: Department of Economics, College of Business, Florida Atlantic University

No 9002, Working Papers from Department of Economics, College of Business, Florida Atlantic University

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.

Keywords: Utilitarian Maximal; Weakly Maximal; Phelps-Koopmans condition; Aggregative growth models (search for similar items in EconPapers)
JEL-codes: C61 D90 E10 O41 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2009-02
References: Add references at CitEc
Citations:

Downloads: (external link)
http://kuntal.banerjee.googlepages.com/Equivalence1Feb2009.pdf First version, 2009 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://kuntal.banerjee.googlepages.com/Equivalence1Feb2009.pdf [301 Moved Permanently]--> http://sites.google.com/site/kuntalbanerjee/Equivalence1Feb2009.pdf [301 Moved Permanently]--> https://sites.google.com/site/kuntalbanerjee/Equivalence1Feb2009.pdf)

Related works:
Journal Article: Equivalence of utilitarian maximal and weakly maximal programs (2010)
Working Paper: Equivalence of Utilitarian Maximal and Weakly Maxmal Programs (2009)
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:fal:wpaper:09002

Access Statistics for this paper

More papers in Working Papers from Department of Economics, College of Business, Florida Atlantic University Contact information at EDIRC.
Bibliographic data for series maintained by Vadym Volosovych ( this e-mail address is bad, please contact ).