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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
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    File URL: http://dem-web.unipv.it/web/docs/dipeco/quad/ps/RePEc/pav/demwpp/DEMWP0119.pdf
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    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, October.
    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.
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    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.

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    Keywords

    Gale - von Neumann models; intertemporal efficiency; turnpike theorems;
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