On the smoothness of optimal paths. II. Some local turnpike results

DOI10.1007/S10203-007-0072-XMaRDI QIDQ2477607zbMATH OpenOpenAlexFDO

Authors Bertrand Crettez, Joël Blot

Publication date 14 March 2008

Published in Decisions in Economics and Finance (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1007/s10203-007-0072-x

zbMATH Keywords

deterministic discrete-time maximization problemdifferentiability of optimal pathsturnpike theory

Mathematics Subject Classification ID

Sensitivity, stability, well-posedness (49K40) Economic growth models (91B62) Discrete-time control/observation systems (93C55)

Review text

The paper presents the proof of the smooth dependence of optimal solutions from the initial state, as a pair capital, discount rate in the optimal growth model with infinite horizon. The technique of the proof is taken from \textit{A. P. Araujo} and \textit{J. A. Scheinkmann} [Econometrica 45, 601--620 (1977; Zbl 0381.90107)], and is basing on the application of the implicit function theorem in the version of Banach space of convergent to \(0\) sequences. In the supplement the chosen theorems on the local stability of the second-order discrete dynamic systems are included. [For part I, see Decis. Econ. Finance 27, No. 1, 1--34 (2004; Zbl 1091.91053).]

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Cites work

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Cited in

(10)

• Differentiability and comparative analysis in discrete-time infinite- horizon optimization
• On the smoothness of optimal paths
• On the sensitivity of optimal growth paths
• A new turnpike theorem for discounted programs
• Local attractivity in nonautonomous semilinear evolution equations
• An overview of turnpike theory: towards the discounted deterministic case
• Turnpike theorems for Markov games
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