Asymptotic behavior of optimal paths in homogeneous macroeconomic models

MaRDI QIDQ1085035zbMATH OpenFDO

Authors S. Yakovenko

Publication date 1985

Published in Automation and Remote Control (Search for Journal in Brave)

zbMATH Keywords

behavior of optimal pathslong planning periodspositive homogeneity

Mathematics Subject Classification ID

Economic growth models (91B62)

Review text

We investigate the behavior of optimal paths over long planning periods for a wide class of technology models having the property of positive homogeneity. It is shown that for a concave growth rate function, the optimal states are strongly convergent to the balanced proportional growth solution. For the two-commodity case, the concavity assumption may be omitted.

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