Equivalence of utilitarian maximal and weakly maximal programs |
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Authors: | Kuntal Banerjee Tapan Mitra |
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Affiliation: | 1. Department of Economics, Barry Kaye College of Business, Florida Atlantic University, Boca Raton, FL 33431, United States;2. Department of Economics, Cornell University, Ithaca, NY 14853, United States |
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Abstract: | For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps–Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps–Koopmans condition does not hold. |
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Keywords: | C61 D90 E10 O41 |
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