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Optimal steady state of an economic dynamics model with a nonconcave production function

Ken-Ichi Akao, Takashi Kamihigashi and Kazuo Nishimura

RIEEM Discussion Paper Series from Research Institute for Environmental Economics and Management, Waseda University

Abstract: In a nonconcave economic dynamics model, an open question is the optimality of a steady state of the canonical system of Hamiltonian differential equations in the convex part of the production function. We demonstrate that it can be an optimal steady state.

Keywords: Economic dynamic model; Convex-concave production function; Optimal steady state (search for similar items in EconPapers)
JEL-codes: C61 D90 O41 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2019-07
New Economics Papers: this item is included in nep-dge
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Citations: View citations in EconPapers (3)

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