 Nonlinear functional analysis and optimal economic growthMPRA Paper from University Library of Munich, Germany Abstract: A problem of existence and characterization of solutions of optimal growth models in many sector economies is studied The social utility to be optimized is a generalized form of a preference depending additively on consumption at the different dates of the planning period. The optimization b rattrirted to a set of admissible growth paths defined by production-investment-consumption relations described by a system of differential equations. Sufficient conditions are given for existence of a solution in a Hilbert space of paths, without convexity assumptions on either the utilities of the technology, using techniques of nonlinear functional analysis. A characterization is given of the utilities which re continuous with respect to the Hilbert space norm. Under convexity assumptions a characteristic is also given of optimal and efficient solutions by competitive prices. Keywords: nonlinear; optimal; growth; growth models; many sector; utility; optimization; growth paths; admissible; Hilbert; intertemporal allocations; policy; welfare; social welfare; competitive; topology; Sobolev; feasible; matrix; consumption; Lemmas (search for similar items in EconPapers) Published in Journal of Mathematical Analysis and Applications no. 2.61(1977): pp. 504-520 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:7990 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
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