The Economics of Orchards : An Exercise in Point - input , Flow - Output Capital Theory *
نویسنده
چکیده
This paper is concerned with the qualitative properties of optimal intertemporal programs in a model of point-input flow-output capital theory, when future utilities are discounted. Under a mild condition on the flow-output vector, we establish that optimal programs for every discount factor and every initial state (other than a unique stationary optimal state) will exhibit non-convergence. Furthermore, we provide a necessary and sufficient condition on the flow-output vector for which a neighborhood turnpike theorem holds; that is, long-run fluctuations on an optimal program are " small " when the discount factor is " close " to unity. Journal of Economic Literature Classification Numbers: 111, 131.
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