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Pré-Publication, Document De Travail Année : 2016

Non-Existence of Optimal Programs in Continuous Time

Résumé

We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique "golden rule", no overtaking optimal solutions exists in a full neighborhood of the steady state. The example proves, for optimal growth models, a conjecture advanced in 1976 by Brock and Haurie that the minimum dimension for non-existence of overtaking optimal programs in continuous time is 2.
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Dates et versions

halshs-01366236 , version 1 (14-09-2016)

Identifiants

  • HAL Id : halshs-01366236 , version 1

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Giorgio Fabbri, Silvia Faggian, Giuseppe Freni. Non-Existence of Optimal Programs in Continuous Time. 2016. ⟨halshs-01366236⟩
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