The Zilcha criteria for dynamic inefficiency reconsidered
نویسندگان
چکیده
منابع مشابه
The Zilcha Criteria for Dynamic Inefficiency Reconsidered
We reconsider necessary and suffcient conditions for dynamic inefficiency given in Zilcha (1990, 1991) and a critique by Rangazas and Russell (2005). First, we show that the characterization given in Zilcha (1990) for nonstationary economies is correct and complete Zilcha's proof. Second, using this insight, we complement Rangazas and Russell (2005)'s discussion of the counterexamples to Zilcha...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2008
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-008-0367-3