On a Uniform Turnpike of the Third Kind in the Robinson-Solow-Srinivasan Model |
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Authors: | M Ali Khan Alexander J Zaslavski |
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Institution: | (1) Department of Economics, The Johns Hopkins University, Baltimore, MD 21218, USA;(2) Department of Mathematics, The Technion-Israel Institute of Technology, 32000 Haifa, Israel |
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Abstract: | On using McKenzie's taxonomy of optimal accumulation in the long-run, we report a ``uniform turnpike' theorem of the third
kind in a model original to Robinson, Solow and Srinivasan (RSS), and further studied by Stiglitz. Our results are presented
in the undiscounted, discrete-time setting emphasized in the recent work of Khan-Mitra, and they rely on the importance of
either a strictly concave felicity function, or on the value of a ``marginal rate of transformation', ξσ, from one period to the next not being unity. We argue that our results, when viewed through the lens of turnpike theory,
have a broader relevance to intertemporal optimization theory, as developed in economics by Ramsey, von Neumann and their
followers.
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Keywords: | weakly maximal program optimal program golden-rule program uniform turnpike |
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