Optimal and competitive programs in reachable multi sector models |
| |
Authors: | Swapan Dasgupta Tapan Mitra |
| |
Affiliation: | (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 |
| |
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 |
| |
Keywords: | and Phrases: Competitive program Optimality Decentralization Reachability. |
本文献已被 SpringerLink 等数据库收录! |
|