Non-Existence of Optimal Programs in Continuous Time

Giorgio Fabbri, Silvia Faggian and Giuseppe Freni

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Abstract: We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique "golden rule", no overtaking optimal solutions exists in a full neighborhood of the steady state. The example proves, for optimal growth models, a conjecture advanced in 1976 by Brock and Haurie that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.

Keywords: optimal growth; overtaking; continuous time models (search for similar items in EconPapers)
Date: 2016-09
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01366236
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Related works:
Working Paper: Non-Existence of Optimal Programs in Continuous Time (2016)
Working Paper: Non-existence of Optimal Programs in Continuous Time (2016)
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