Non-existence of optimal programs for undiscounted growth models in continuous time
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DOI: 10.1016/j.econlet.2016.12.022
Abstract: 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… read more here.
Keywords: growth models; optimal programs; continuous time; growth ... See more keywords