OPTIMAL PROGRAMS AND THEIR PRICE CHARACTERIZATION IN A MULTISECTOR GROWTH-MODEL WITH UNCERTAINTY

PAPAGEORGIOU, NS

dc.contributor.author	PAPAGEORGIOU, NS	en
dc.date.accessioned	2014-03-01T01:10:04Z
dc.date.available	2014-03-01T01:10:04Z
dc.date.issued	1994	en
dc.identifier.issn	0002-9939	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/11302
dc.subject	Growth Model	en
dc.subject.classification	Mathematics, Applied	en
dc.subject.classification	Mathematics	en
dc.title	OPTIMAL PROGRAMS AND THEIR PRICE CHARACTERIZATION IN A MULTISECTOR GROWTH-MODEL WITH UNCERTAINTY	en
heal.type	journalArticle	en
heal.identifier.primary	10.1080/00207729408928995	en
heal.identifier.secondary	http://dx.doi.org/10.1080/00207729408928995	en
heal.language	English	en
heal.publicationDate	1994	en
heal.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 x is sustained by a system of prices p so that the pair [x, p] is competitive and a strong transversality condition holds. We also show that competitiveness and transversality imply optimality.	en
heal.publisher	AMER MATHEMATICAL SOC	en
heal.journalName	PROCEEDINGS OF THE AMERICAN MATHEMATICAL SOCIETY	en
dc.identifier.doi	10.1080/00207729408928995	en
dc.identifier.isi	ISI:A1994PD73700034	en
dc.identifier.volume	122	en
dc.identifier.issue	1	en
dc.identifier.spage	227	en
dc.identifier.epage	240	en