Intertemporal equity and efficient allocation of resources.
Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's inve...
| Publicado en: | Journal of Economic Theory Vol. 107; no. 2; pp. 356 - 377 |
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| Formato: | Artículo |
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Academic Press Inc.
December 2002
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513159447&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513159447 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: December 2002 vid: 107 iid: 2 pid: 735 pub: Academic Press Inc. artinfo: ui: 513159447 10.1006/jeth.2001.2964 ppf: 356 ppct: 21 formats: tig: atl: Intertemporal equity and efficient allocation of resources. aug: au: Mitra, Tapan su: Resource allocation -- Mathematical models Mathematical models of saving & investment Welfare economics Mathematical models of consumption sug: subj: Resource allocation -- Mathematical models Mathematical models of saving & investment Welfare economics Mathematical models of consumption ab: Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's investment rule, which states that the value of net investment is zero at each date. Our result indicates that Hartwick's rule can help to signal inefficiency of competitive equitable paths. Journal of Economic Literature Classification Numbers: C61, D90, O41. |Sc 2002 Elsevier Science (USA). pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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