Optimal and competitive programs in reachable multi sector models |
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| Authors: | Swapan Dasgupta Tapan Mitra |
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| Institution: | (1) Department of Economics, Dalhousie University, Halifax, Nova Scotia B3H 3J5, CANADA (e-mail: swapan.dasgupta@dal.ca) , CA;(2) Department of Economics, Cornell University, Ithaca, NY 14853-7601, USA (e-mail: tm19@cornell.edu) , US |
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| Abstract: | Summary. We show that in multi-sector optimal growth models, where the technology satisfies a simple reachability condition, infinite
horizon programs which satisfy the competitive conditions are optimal. We provide examples of a variety of production models
where the reachability condition is satisfied. An example is also provided where the reachability condition is not satisfied
and there are competitive programs which are not optimal. The results of the paper are of interest from the standpoint of
decentralization in intertemporal economies.
Received: March 24, 1994; revised version: October 10, 1998 |
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| Keywords: | and Phrases: Competitive program Optimality Decentralization Reachability |
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