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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Economics Letters, Elsevier, 2017, 152 (C), pp.57--61. 〈10.1016/j.econlet.2016.12.022〉
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Soumis le : mardi 19 septembre 2017 - 11:59:15
Dernière modification le : vendredi 21 septembre 2018 - 10:54:05

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Fabbri Giorgio, 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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