Optimal programs and their price characterization in a multisector growth model with uncertainty
作者:
NIKOLAOSS. PAPAGEORGIOU,
期刊:
International Journal of Systems Science
(Taylor Available online 1994)
卷期:
Volume 25,
issue 4
页码: 775-787
ISSN:0020-7721
年代: 1994
DOI:10.1080/00207729408928995
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
A non-stationary multisector growth model with uncertainty, in which future utilities are discounted, is examined. First we establish the existence of strongly optimal programs emanating from a given initial capital stock. Then we show that this optimal program x is sustained by a system of prices [pcirc] so that the pair [◯ [pcirc]] is competitive and a strong transversality condition holds. We also show that competitiveness and transversality imply optimality.
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