Undiscounted optimal growth in the two-sector Robinson-Solow-Srinivasan model: a synthesis of the value-loss approach and dynamic programming (Q2509138): Difference between revisions

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Undiscounted optimal growth in the two-sector Robinson-Solow-Srinivasan model: a synthesis of the value-loss approach and dynamic programming
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    Undiscounted optimal growth in the two-sector Robinson-Solow-Srinivasan model: a synthesis of the value-loss approach and dynamic programming (English)
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    18 October 2006
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    The paper investigates two approaches to problems of optimal intertemporal allocation of resources. First, the authors use the value-loss approach of Radner-Gale-McKenzie to show a multiplicity of optimal programs in situations when optimality does not coincide with value-loss minimization. They use a theory of undiscounted dynamic programming, not available in the literature, to derive properties of the optimal policy correspondence. In terms of a methodological perspective, they suggest a synthesis of the two methods for the analysis of problems of optimal intertemporal resource allocation.
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    Undiscounted optimal program
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    full-employment program
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    golden rule
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    value loss
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    dynamic programming
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    optimal policy function
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    transition dynamics
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