An existence theorem for an optimal economic growth problem with infinite planning horizon (Q1178321): Difference between revisions

The paper studies an optimal economic growth problem with dynamics given by a differential inclusion, a nonconvex (time dependent) technology set, and a nonlinear dependence of the consumption map on the capital accumulation map. The existence of an optimal accumulation path is proved by using Cesari's reduction technique and the theory of weighted Sobolev spaces. An interesting feature of the set-up is the possibility of growth with nonconvexities. For related works see \textit{G. Chichilnisky} [J. Math. Anal. Appl. 61, 504-520 (1977; Zbl 0363.90028)] and \textit{T. Maruyama} [Proc. Jap. Acad., Ser. A 57, 381-386 (1981; Zbl 0498.90011)].