Journal ArticleDOI
A turnpike theorem for rolling plans
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In this article, the authors analyzed the asymptotic properties of rolling plans in a multi-sector growth model with time-independent preferences and technology, and showed that, if plans are constantly revised with a fixed but sufficiently long planning horizon, the resulting growth path converges to a neighborhood of the turnpike.About:
This article is published in Journal of Mathematical Economics.The article was published on 1987-01-01. It has received 6 citations till now.read more
Citations
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Sensitivity of optimal growth paths: With respect to a change in target stocks or in the length of the planning horizon in a multisector model
Journal ArticleDOI
Interacting mechanisms of time inconsistency
T. Scott Findley,Frank Caliendo +1 more
TL;DR: In this article, the authors show that hyperbolic discounting does not affect consumption and saving allocations if the planning horizon is short and fixed, although it will affect allocations under the assumption that the horizon is equal to the remaining life span.
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Interacting Mechanisms of Time Inconsistency
T. Scott Findley,Frank Caliendo +1 more
TL;DR: In this article, the authors show that hyperbolic discounting does not affect consumption and saving allocations if the planning horizon is short and fixed, although it will affect allocations under the assumption that the horizon is equal to the remaining life span.
Journal ArticleDOI
Rolling planning: Optimality and decentralization
TL;DR: In this article, it was shown that rolling plans with the horizon N = 2 maximize the average utility over the infinite time interval. But the authors did not consider the possibility of designing an evolutionary mechanism leading to optimal intertemporal allocations.
References
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Journal ArticleDOI
On optimal development in a multi-sector economy.
TL;DR: In this article, the existence of an infinite sequence of optimal prices with respect to which the optimal program is one which maximizes the sum of profit and utility at each time period is proved.
Journal ArticleDOI
On optimal steady states of n-sector growth models when utility is discounted☆
TL;DR: In this paper, it is shown that the turnpike theorem holds for discount factors near one, and that the local stability of OSS's neighborhood varies with the discount factor, which is similar to proving uniform continuity with respect to a parameter of solutions of a differential equation.