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On characterizing optimal competitive programs in terms of decentralizable conditions

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  • Brock, William A.
  • Majumdar, Mukul

Abstract

The paper considers a multisector model of intertemporal allocation with a primary factor of production and the overtaking criterion of optimality. The optimal program is characterized in terms of (i) period-by-period conditions on intertemporal profit and utility maximization relative to a system of competitive prices and (ii) non-positivity of appropriately computed values of differences of stocks from the golden rule stock: The last condition replaces the usual transversality condition of Malinvaud and throws new light on the possibility of dencentralization in an infinite-horizon economy.
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Suggested Citation

  • Brock, William A. & Majumdar, Mukul, 1988. "On characterizing optimal competitive programs in terms of decentralizable conditions," Journal of Economic Theory, Elsevier, vol. 45(2), pages 262-273, August.
    • Handle: RePEc:eee:jetheo:v:45:y:1988:i:2:p:262-273
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    Cited by:

    1. Mukul Majumdar & Tapan Mitra, 1991. "Intertemporal decentralization," Finnish Economic Papers, Finnish Economic Association, vol. 4(2), pages 79-103, Autumn.
    2. Gunter Stephan, 1990. "Innovation, Decentralization and Equilibrium," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 126(II), pages 129-145, June.
    3. Venkatesh Bala & Mukul Majumdar & Tapan Mitra, 1991. "Decentralized evolutionary mechanisms for intertemporal economies: A possibility result," Journal of Economics, Springer, vol. 53(1), pages 1-29, February.
    4. Tapan Mitra & Santanu Roy, 2022. "Propensity to consume and the optimality of Ramsey–Euler policies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(1), pages 55-89, February.
    5. Ali Khan, M. & Mitra, Tapan, 2008. "Growth in the Robinson-Solow-Srinivasan model: Undiscounted optimal policy with a strictly concave welfare function," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 707-732, July.
    6. Adriana Piazza, 2010. "About optimal harvesting policies for a multiple species forest without discounting," Journal of Economics, Springer, vol. 100(3), pages 217-233, July.
    7. Mitra, Tapan & Roy, Santanu, 2017. "Optimality of Ramsey–Euler policy in the stochastic growth model," Journal of Economic Theory, Elsevier, vol. 172(C), pages 1-25.

    More about this item

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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