Optimal economic growth and stationary ordinal utility —A fisherian approach

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Cited by (31)

  • Existence, optimality and dynamics of equilibria with endogenous time preference

    2011, Journal of Mathematical Economics
    Citation Excerpt :

    In other words, we prove that there exists a critical value of initial stock, in the vicinity of which, small differences lead to permanent differences in the optimal path. In contrast with the early contributions by Kurz (1968), who assumes capital dependent preferences, by Beals and Koopmans (1969), Iwai (1972), who assume recursive preferences, and more recently, by Stern (2006), who assumes endogenous time preference depending on future oriented resources, we noted that the critical stock is definitely not an unstable steady state so that if an economy starts at this stock, an indeterminacy will emerge. On the other hand, under a similar condition to that of Dechert and Nishimura (1983), we also show that even under a convex–concave technology, the optimal path can exhibit global convergence to a unique stationary point.

  • Externalities and nonlinear discounting: Indeterminacy

    2002, Journal of Economic Dynamics and Control
  • Global equilibrium dynamics with stationary recursive preferences

    1987, Journal of Economic Behavior and Organization
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