Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality
نویسنده
چکیده
The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discounted-sum criterion. The solution suggested is to consider an optimality criterion expressing an Allais-anonymous intergenerational consensus. The partial characterization of consensual optimality was made possible thanks to the decomposition of the dual of the space of sub-geometric sequences of reason p. The main finding is a relation between the marginal rate of substitution between bequest and heritage, and the growth rate, relation which is a necessary condition for consensual optimality. The necessary study of the Pareto-optimality of the consensual optimum is the subject of a forthcoming paper "Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations". JEL classification: D90; C61; D71;D63; O41; O30.
منابع مشابه
Process Improvement of Experimental Measurements Using D-optimal Models
In this paper, the application of D-optimal models, as an alternative to response surface models (RS models) for design of experiment (DOE) was examined. Two D-optimal models for tilt-rotors in the wind tunnel experiment, as a form of quadratic functions, were generated based on a chosen optimality criterion. This optimality criterion was used to generate the optimized sampled points in the des...
متن کاملImproved Univariate Microaggregation for Integer Values
Privacy issues during data publishing is an increasing concern of involved entities. The problem is addressed in the field of statistical disclosure control with the aim of producing protected datasets that are also useful for interested end users such as government agencies and research communities. The problem of producing useful protected datasets is addressed in multiple computational priva...
متن کاملOptimal Simple Step-Stress Plan for Type-I Censored Data from Geometric Distribution
Abstract. A simple step-stress accelerated life testing plan is considered when the failure times in each level of stress are geometrically distributed under Type-I censoring. The problem of choosing the optimal plan is investigated using the asymptotic variance-optimality as well as determinant-optimality and probability-optimality criteria. To illustrate the results of the paper, an example i...
متن کاملDegree of Optimality as a Measure of Distance of Power System Operation from Optimal Operation
This paper presents an algorithm based on inter-solutions of having scheduled electricity generation resources and the fuzzy logic as a sublimation tool of outcomes obtained from the schedule inter-solutions. The goal of the algorithm is to bridge the conflicts between minimal cost and other aspects of generation. In the past, the optimal scheduling of electricity generation resources has been ...
متن کاملOptimal Design of Geometrically Nonlinear Structures Under a Stability Constraint
This paper suggests an optimization-based methodology for the design of minimum weight structures with kinematic nonlinear behavior. Attention is focused on three-dimensional reticulated structures idealized with beam elements under proportional static loadings. The algorithm used for optimization is based on a classical optimality criterion approach using an active-set strategy for extreme lim...
متن کامل