THE ECONOMICS OF ORCHARDS - AN EXERCISE IN POINT-INPUT, FLOW-OUTPUT CAPITAL THEORY

被引：20

作者：

MITRA, T ^{[1
]}

RAY, D ^{[1
]}

ROY, R ^{[1
]}

机构：

[1] INDIAN STAT INST,NEW DELHI 110016,INDIA

来源：

JOURNAL OF ECONOMIC THEORY | 1991年 / 53卷 / 01期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1016/0022-0531(91)90141-P

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper is concerned with the qualitative properties of optimal intertemporal programs in a model of point-input flow-output capital theory, when future utilities are discounted. Under a mild condition on the flow-output vector, we establish that optimal programs for every discount factor and every initial state (other than a unique stationary optimal state) will exhibit non-convergence. Furthermore, we provide a necessary and sufficient condition on the flow-output vector for which a neighborhood turnpike theorem holds; that is, long-run fluctuations on an optimal program are "small" when the discount factor is "close" to unity. © 1991.

引用

页码：12 / 50

页数：39

共 21 条

[1] SMOOTHNESS, COMPARATIVE DYNAMICS, AND TURNPIKE PROPERTY [J].