Efficiency in one sector, discrete-time, infinite-horizon models

DOI10.1016/0022-0531(84)90047-4MaRDI QIDQ798555zbMATH OpenOpenAlexFDO

Authors Anders Borglin, Hans Keiding

Publication date 1984

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/0022-0531(84)90047-4

zbMATH Keywords

characterization of efficiencycurvature measurescurvature of production setsinfinite horizonoverlapping general modelsPareto optimal statesproduction programsreduced model

Mathematics Subject Classification ID

Production theory, theory of the firm (91B38) Economic growth models (91B62)

Review text

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.

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Cites work

• A complete characterization of efficiency for a general capital accumulation model
• An extension of Cass' characterization of infinite efficient production programs
• Capital Accumulation and Efficient Allocation of Resources
• scientific article; zbMATH DE number 3788329 (Why is no real title available?)
• Identifying inefficiency in smooth aggregative models of economic growth
• The overlapping-generations model. I: The case of pure exchange without money

Cited in

(4)

• On a criterion of infinite-horizon efficiency
• The Pareto domination of irrational expectations over rational expectations
• scientific article; zbMATH DE number 3997500 (Why is no real title available?)
• Economic Efficiency in an Infinite Horizon Model

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