A note on value maximization for consumption sets in \(\ell^ 1\) (Q788606)

This paper provides a new technique to obtain the necessity of the transversality condition for a class of models with the consumption space \(\ell^ 1\). The assumptions made are weaker than those implying the non- emptiness of the interior of the set of feasible consumption sequences, but still they yield a precise interpretation of the supporting functional as a price system. (Thus they are stronger than those in earlier literature providing only partly that interpretation.) However, the hypotheses do not guarantee the finiteness of the total value of consumption, evaluated at the efficiency prices.