Efficiency in one sector, discrete-time, infinite-horizon models (Q798555)

The paper studies the characterization of efficiency of production programs in infinite horizon models and the related problem of Pareto optimal states in overlapping general models. It is shown that this problem may be reduced to the study of a simpler model called the reduced model. Moreover this allows the authors to draw explicit attention to the curvature of production sets or sets of preferred consumption bundles. Two measures of such curvature are introduced and their implications analyzed.