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A turnpike property of optimal programs for a class of simple linear models of production

Author

Listed:
  • Ilaria Ossella

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

Abstract

This paper establishes a `turnpike theorem' for a closed linear model of production with a primitive input requirement matrix. Optimal programs of resource allocation have a `turnpike property' if the growth factor of every sector in the economy converges, in the long run, to a common value. The usefulness of such a theorem is due to the fact that the input requirement matrix for an economy with a large number of goods may be primitive (some power of the matrix is strictly positive).

Suggested Citation

  • Ilaria Ossella, 1999. "A turnpike property of optimal programs for a class of simple linear models of production," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(3), pages 597-607.
    • Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:597-607
    Note: Received: April 19, 1998; revised version: July 15, 1998
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    Citations

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    Cited by:

    1. Giorgio Giorgi, 2019. "Nonnegative Square Matrices: Irreducibility, Reducibility, Primitivity and Some Economic Applications," DEM Working Papers Series 175, University of Pavia, Department of Economics and Management.

    More about this item

    Keywords

    Turnpike theorem; Input output matrix.;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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