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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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