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.
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
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