On characterizing optimal competitive programs in terms of decentralizable conditions

DOI10.1016/0022-0531(88)90269-4zbMath0661.90014OpenAlexW2092237811MaRDI QIDQ1113787

William A. Brock, Mukul K. Majumdar

Publication date: 1988

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(88)90269-4

zbMATH Keywords

intertemporal allocationmultisector modelintertemporal optimalitygolden rule equilibriuminformationally decentralized mechanism

Mathematics Subject Classification ID

Economic growth models (91B62)

Related Items (10)

Propensity to consume and the optimality of Ramsey-Euler policies ⋮ Decentralization in infinite horizon economies: An introduction ⋮ Characterization of intertemporal optimality in terms of decentralizable conditions: The discounted case ⋮ Optimality of Ramsey-Euler policy in the stochastic growth model ⋮ Growth in the Robinson-Solow-Srinivasan model: Undiscounted optimal policy with a strictly concave welfare function ⋮ Undiscounted optimal growth in the two-sector Robinson-Solow-Srinivasan model: a synthesis of the value-loss approach and dynamic programming ⋮ About optimal harvesting policies for a multiple species forest without discounting ⋮ A necessary condition for decentralization and an application to intertemporal allocation ⋮ Decentralized evolutionary mechanisms for intertemporal economies: A possibility result ⋮ Infinite-horizon competitive programs are optimal

Cites Work

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• The modified golden rule of a multi-sector economy
• Saddle points of Hamiltonian systems in convex Lagrange problems having a nonzero discount rate
• Characterization by prices of optimal programs under uncertainty
• On Competitive Prices for Optimal Consumption Plans
• Turnpike Theory
• On Optimal Consumption Plans in a Multi-sector Economy
• Capital Accumulation and Efficient Allocation of Resources

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