The Constant Hamiltonian and a Generalized Form of the Ramsey Rule

Haruo Kataoka and Hiroaki Hashimoto ()
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Haruo Kataoka: Meisei University
Hiroaki Hashimoto: Asia University

No 1, Discussion Papers from Meisei University, School of Economics

Abstract: We expand Ramsey's bliss model into a discounted multi-sector one under production externality and homogeneity of relevant functions. By adopting a point transformation which transforms all of the variables except the time, we can readily demonstrate that the transformed multi-sector model has an invariance equation which is reduced to a generalized form of the well-known Ramsey rule in the bliss model.

Keywords: Ramsey rule; point transformations; homogeneity; invariance; Hamiltonian (search for similar items in EconPapers)
JEL-codes: C61 D60 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2006-12
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Citations: View citations in EconPapers (2)

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