On a criterion of infinite-horizon efficiency (Q1111454)
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scientific article; zbMATH DE number 4074775
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| English | On a criterion of infinite-horizon efficiency |
scientific article; zbMATH DE number 4074775 |
Statements
On a criterion of infinite-horizon efficiency (English)
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1988
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We prove a property of the class of programs covered by Cass' pioneering criterion of inefficiency of infinite-horizon programs [see \textit{D. Cass}, J. Econ. Theory 4, 200-223 (1972)]. A notion that we call gross inefficiency is introduced. It is, in general, a much stronger property than inefficiency. We then show that a program in the class studied by Cass is inefficient if and only if it is grossly inefficient.
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infinite-horizon programs
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gross inefficiency
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0.89096016
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0.8839567
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0.8698749
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0.8668227
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0.85261714
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0.8520193
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0.8503276
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