IDEAS home Printed from https://ideas.repec.org/p/pav/demwpp/demwp0119.html
   My bibliography  Save this paper

Equilibrium and Optimality in Gale-von Neumann Models

Author

Listed:
  • Giorgio Giorgi

    (Department of Economics and Management, University of Pavia)

  • Cesare Zuccotti

    (Department of Economics and Management, University of Pavia)

Abstract

We give an overview of the main properties concerning equilibrium, optimality and turnpike theorems for a Gale - von Neumann economic growth model.

Suggested Citation

  • Giorgio Giorgi & Cesare Zuccotti, 2016. "Equilibrium and Optimality in Gale-von Neumann Models," DEM Working Papers Series 119, University of Pavia, Department of Economics and Management.
    • Handle: RePEc:pav:demwpp:demwp0119
    as

    Download full text from publisher

    File URL: http://dem-web.unipv.it/web/docs/dipeco/quad/ps/RePEc/pav/demwpp/DEMWP0119.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Trout Rader, 1975. ""Turnpike" Theory With (Under) Consumption," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(1), pages 155-165.
    2. Hulsmann, J & Steinmetz, V, 1972. "A Note on the Nonexistence of Optimal Price Vectors in the General Balanced-Growth Model of Gale," Econometrica, Econometric Society, vol. 40(2), pages 387-389, March.
    3. D. Gale, 1967. "A Geometric Duality Theorem with Economic Applications," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 19-24.
    4. Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521314985.
    5. Trout Rader, 1976. ""Turnpike" Theory: A Revised Proof," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 43(2), pages 369-370.
    6. Lionel W. McKenzie, 1967. "Maximal Paths in the von Neumann Model," International Economic Association Series, in: E. Malinvaud & M. O. L. Bacharach (ed.), Activity Analysis in the Theory of Growth and Planning, chapter 0, pages 43-63, Palgrave Macmillan.
    7. D. Glycopantis, 1970. "The Closed Linear Model of Production: A Note," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(2), pages 295-297.
    8. S. G. Winter, 1967. "The Norm of a Closed Technology and the Straight-Down-the-Turnpike Theorem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 67-84.
    9. J. Tsukui, 1967. "The Consumption and the Output Turnpike Theorems in a von Neumann Type of Model—A Finite Term Problem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(1), pages 85-93.
    10. Morishima, Michio, 1969. "Theory of Economic Growth," OUP Catalogue, Oxford University Press, number 9780198281641.
    11. Soyster, A L, 1974. "The Existence of Optimal Price Vectors in the General Balanced-Growth Model of Gale," Econometrica, Econometric Society, vol. 42(1), pages 199-205, January.
    12. J. v. Neumann, 1945. "A Model of General Economic Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 1-9.
    13. McKenzie, Lionel & Yano, M, 1980. "Turnpike Theory: Some Corrections," Econometrica, Econometric Society, vol. 48(7), pages 1839-1840, November.
    14. Ken-ichi Inada, 1964. "Some Structural Characteristics of Turnpike Theorems," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(1), pages 43-58.
    15. Roy Radner, 1961. "Prices and the Turnpike: III. Paths of Economic Growth that are Optimal with Regard only to Final States: A Turnpike Theorem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 28(2), pages 98-104.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Panek Emil, 2023. "“Very strong” turnpike effect in a non-stationary Gale economy with investments, multilane turnpike and limit technology," Economics and Business Review, Sciendo, vol. 9(4), pages 5-24, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dai, Darong, 2011. "Modeling the minimum time needed to economic maturity," MPRA Paper 40583, University Library of Munich, Germany, revised 08 Aug 2012.
    2. Truchon, Michel, 1988. "Programmation mathématique et théorie économique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 64(2), pages 143-156, juin.
    3. Jensen, Martin Kaae, 2012. "Global stability and the “turnpike” in optimal unbounded growth models," Journal of Economic Theory, Elsevier, vol. 147(2), pages 802-832.
    4. Majumdar, Mukul, 2009. "Equilibrium and optimality: Some imprints of David Gale," Games and Economic Behavior, Elsevier, vol. 66(2), pages 607-626, July.
    5. Palma, Nuno, 2018. "Money and modernization in early modern England," Financial History Review, Cambridge University Press, vol. 25(3), pages 231-261, December.
    6. Heinz D. Kurz, 2011. "The Contributions of Two Eminent Japanese Scholars to the Development of Economic Theory: Michio Morishima and Takashi Negishi," Chapters, in: Heinz D. Kurz & Tamotsu Nishizawa & Keith Tribe (ed.), The Dissemination of Economic Ideas, chapter 13, Edward Elgar Publishing.
    7. Kiedrowski, Roman, 2018. "Profit rates equalization and balanced growth in a multi-sector model of classical competition," Journal of Mathematical Economics, Elsevier, vol. 77(C), pages 39-53.
    8. McKenzie, L., 1999. "The First Conferences on the Theory of Economic Growth," RCER Working Papers 459, University of Rochester - Center for Economic Research (RCER).
    9. E. Babaei & I.V. Evstigneev & K.R. Schenk-Hoppé & M.V. Zhitlukhin, 2018. "Von Neumann-Gale Dynamics and Capital Growth in Financial Markets with Frictions," Economics Discussion Paper Series 1815, Economics, The University of Manchester.
    10. repec:bap:eebook:02 is not listed on IDEAS
    11. W. Erwin Diewert, 1980. "Aggregation Problems in the Measurement of Capital," NBER Chapters, in: The Measurement of Capital, pages 433-538, National Bureau of Economic Research, Inc.
    12. Irmen Andreas, 2020. "Editorial introduction," Economics and Business Review, Sciendo, vol. 6(2), pages 3-6, June.
    13. E. Babaei & I.V. Evstigneev & K.R. Schenk-Hoppé, 2019. "Log-Optimal and Rapid Paths in von Neumann-Gale Dynamical Systems," Economics Discussion Paper Series 1902, Economics, The University of Manchester.
    14. Darong Dai, 2012. "Stochastic Versions of Turnpike Theorems in the Sense of Uniform Topology," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 381-423, November.
    15. Liuchun Deng & Minako Fujio & M. Ali Khan, 2023. "On optimal extinction in the matchbox two-sector model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(2), pages 445-494, August.
    16. Ayres, Robert U., 2008. "Sustainability economics: Where do we stand?," Ecological Economics, Elsevier, vol. 67(2), pages 281-310, September.
    17. Mitra, Tapan, 2004. "Intergenerational Equity and the Forest Management Problem," Working Papers 04-17, Cornell University, Center for Analytic Economics.
    18. Hideyuki Kamiryo, 2014. "Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition)," Earth Endogenous System: To Answer the Current Unsolved Economic Problems (Second Edition), Better Advances Press, Canada, edition 2, volume 2, number 01 edited by Dr. Yisheng Huang, May.
    19. Galanis, Giorgos & Veneziani, Roberto & Yoshihara, Naoki, 2019. "The dynamics of inequalities and unequal exchange of labor in intertemporal linear economies," Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 29-46.
    20. Heinz D. Kurz & Tamotsu Nishizawa & Keith Tribe (ed.), 2011. "The Dissemination of Economic Ideas," Books, Edward Elgar Publishing, number 14521.
    21. Igor Evstigneev & Klaus Reiner Schenk-Hoppé, 2006. "Stochastic equilibria in von Neumann–Gale dynamical systems," Economics Discussion Paper Series 0620, Economics, The University of Manchester.

    More about this item

    Keywords

    Gale - von Neumann models; intertemporal efficiency; turnpike theorems;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pav:demwpp:demwp0119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alice Albonico (email available below). General contact details of provider: https://edirc.repec.org/data/dppavit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.