Non-existence of Optimal Programs in Continuous Time

Giorgio Fabbri, Silvia Faggian and Giuseppe Freni

No 2016:21, Working Papers from Department of Economics, University of Venice "Ca' Foscari"

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 neighbourhood of the steady state. The example confirms a conjecture advanced in 1976 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)
JEL-codes: C61 D90 (search for similar items in EconPapers)
Pages: 20
Date: 2016
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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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Persistent link: https://EconPapers.repec.org/RePEc:ven:wpaper:2016:21

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