A multidimensional, nonconvex model of optimal growth - Archive ouverte HAL
Pré-Publication, Document De Travail Année : 2023

A multidimensional, nonconvex model of optimal growth

Résumé

In this article, we consider a multidimensional economy where the standard supermodularity property fails. We generalize the notion of net gain of investment, introduced by Kamihigashi and Roy \cite{KR2007} and applied to one-sector growth models, to the case of multiple capital stocks. We prove the convergence to the set of steady states without relying on the monotonicity of the optimal path. Our approach differs from the standard dynamic programming based on convexity or supermodularity. We find that preferences are key to shaping the economy in the long run.
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Dates et versions

hal-04148135 , version 1 (02-07-2023)
hal-04148135 , version 2 (02-10-2023)
hal-04148135 , version 3 (07-10-2023)

Identifiants

  • HAL Id : hal-04148135 , version 3

Citer

Stefano Bosi, Thai Ha-Huy. A multidimensional, nonconvex model of optimal growth. 2023. ⟨hal-04148135v3⟩
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