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Proceedings of the American Mathematical Society

Published by the American Mathematical Society since 1950, Proceedings of the American Mathematical Society is devoted to shorter research articles in all areas of pure and applied mathematics.

ISSN 1088-6826 (online) ISSN 0002-9939 (print)

The 2020 MCQ for Proceedings of the American Mathematical Society is 0.85.

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Optimal programs and their price characterization in a multisector growth model with uncertainty
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by Nikolaos S. Papageorgiou PDF
Proc. Amer. Math. Soc. 122 (1994), 227-240 Request permission

Abstract:

In this paper we examine a nonstationary multisector growth model with uncertainty in which future utilities are discounted. First we establish the existence of strongly optimal programs emanating from a given initial capital stock. Then we show that this optimal program $\hat x$ is sustained by a system of prices $\hat p$ so that the pair $[\hat x,\hat p]$ is competitive and a strong transversality condition holds. We also show that competitiveness and transversality imply optimality.
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Additional Information
  • © Copyright 1994 American Mathematical Society
  • Journal: Proc. Amer. Math. Soc. 122 (1994), 227-240
  • MSC: Primary 90A16; Secondary 49K27, 49N15, 90A17, 93E20
  • DOI: https://doi.org/10.1090/S0002-9939-1994-1195728-X
  • MathSciNet review: 1195728