Suppes–Sen maximality of cyclical consumption: The neoclassical growth model

Autor:	Kuntal Banerjee
Rok vydání:	2017
Předmět:	Economics and Econometrics Discounting 021103 operations research Applied Mathematics 0502 economics and business 05 social sciences 0211 other engineering and technologies Economics 02 engineering and technology Growth model Optimal growth Mathematical economics 050205 econometrics
Zdroj:	Journal of Mathematical Economics. 70:51-65
ISSN:	0304-4068
DOI:	10.1016/j.jmateco.2017.01.005
Popis:	In this paper we demonstrate the existence of cyclical consumption that are maximal according to the Suppes–Sen grading principle for the Aggregative Growth Model. The paper demonstrates the optimality of cyclical consumption paths in the absence of discounting for the smooth neoclassical growth model. The process of this verification allows us to develop the theory of weakly maximal paths for a non-concave and discontinuous utility function extending previous results from Optimal Growth Theory.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5cd39311b3d3c3ce9eba94d04120e548 https://doi.org/10.1016/j.jmateco.2017.01.005 Zobrazit plný text záznamu Full Text from ScienceDirect