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Optimal and competitive programs in reachable multi sector models

Author

Listed:
  • Tapan Mitra

    (Department of Economics, Cornell University, Ithaca, NY 14853-7601, USA)

  • Swapan Dasgupta

    (Department of Economics, Dalhousie University, Halifax, Nova Scotia B3H 3J5, CANADA)

Abstract

We show that in multi-sector optimal growth models, where the technology satisfies a simple reachability condition, infinite horizon programs which satisfy the competitive conditions are optimal. We provide examples of a variety of production models where the reachability condition is satisfied. An example is also provided where the reachability condition is not satisfied and there are competitive programs which are not optimal. The results of the paper are of interest from the standpoint of decentralization in intertemporal economies.

Suggested Citation

  • Tapan Mitra & Swapan Dasgupta, 1999. "Optimal and competitive programs in reachable multi sector models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(3), pages 565-582.
    • Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:565-582
    Note: Received: March 24, 1994; revised version: October 10, 1998
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    More about this item

    Keywords

    Competitive program; Optimality; Decentralization; Reachability.;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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