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On uniform convergence of undiscounted optimal programs in the Mitra–Wan forestry model: The strictly concave case
Author(s) -
Khan M. Ali,
Piazza Adriana
Publication year - 2010
Publication title -
international journal of economic theory
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.351
H-Index - 11
eISSN - 1742-7363
pISSN - 1742-7355
DOI - 10.1111/j.1742-7363.2009.00122.x
Subject(s) - convergence (economics) , work (physics) , mathematics , mathematical economics , golden rule , mathematical optimization , economics , physics , philosophy , theology , thermodynamics , economic growth
In this paper, we show that the 1986 Mitra–Wan result establishing asymptotic convergence of maximal programs to the unique golden‐rule forest in the case of undiscounted, strictly concave felicity functions can be strengthened, in the same setting, to the uniform asymptotic convergence of optimal programs to the unique golden‐rule forest. We work with a notationally reformulated version of the model that may have independent interest.