OPTIMAL PROGRAMS AND THEIR PRICE CHARACTERIZATION IN A MULTISECTOR GROWTH-MODEL WITH UNCERTAINTY

 
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Journal part (EN)
Scientific article (EN)
1994 (EN)
OPTIMAL PROGRAMS AND THEIR PRICE CHARACTERIZATION IN A MULTISECTOR GROWTH-MODEL WITH UNCERTAINTY (EN)
PAPAGEORGIOU, NS (EN)
In this paper we examine a nonstationary multisector growth model with uncertainty in which future utilities are discounted. 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 p so that the pair [x, p] is competitive and a strong transversality condition holds. We also show that competitiveness and transversality imply optimality. (EN)
journalArticle (EN)
Growth Model (EN)
Mathematics (EN)
Mathematics, Applied (EN)
National Technical University of Athens
Digital Library of National Technical University of Athens | Dspace@NTUA
Κεντρική Βιβλιοθήκη Ε.Μ.Π.
Ιδρυματικό Αποθετήριο
Δημοσιεύσεις μελών Δ.Ε.Π. σε περιοδικά
PROCEEDINGS OF THE AMERICAN MATHEMATICAL SOCIETY (EN)
English
1994 (EN)
http://hdl.handle.net/123456789/11302
122 (EN)
1 (EN)
10.1080/00207729408928995 (EN)
227 (EN)
ISI:A1994PD73700034 (EN)
0002-9939 (EN)
240 (EN)
AMER MATHEMATICAL SOC (EN)



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