A new approach to public investment |
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Authors: | PK Rao VS Rajamani |
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Institution: | Indian Institute of Technology, New Delhi-110029, India |
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Abstract: | Public investment decisions are usually based on multiple objective criteria. In this paper, Optimal Investment Decision Problem is formulated as a Multicriterion Optimal Control Problem. Apart from accounting for the multiple objectives, the dynamics of the economic system can also be incorporated in this formulation. Some techniques of solving these problems are discussed and trade-off schemes for the various objectives are suggested through the associated shadow prices. |
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