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Non-existence of optimal programs for undiscounted growth models in continuous time

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.
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https://hal-amu.archives-ouvertes.fr/hal-01590006
Contributor : Elisabeth Lhuillier <>
Submitted on : Tuesday, September 19, 2017 - 11:59:15 AM
Last modification on : Wednesday, August 5, 2020 - 3:13:35 AM

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Giorgio Fabbri, Silvia Faggian, Giuseppe Freni. Non-existence of optimal programs for undiscounted growth models in continuous time. Economics Letters, Elsevier, 2017, 152 (C), pp.57--61. ⟨10.1016/j.econlet.2016.12.022⟩. ⟨hal-01590006⟩

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