English, Article, Journal or magazine article edition: On choice of technique in the Robinson-Solow-Srinivasan model Khan, M. Ali; Mitra, Tapan

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Bookmark: http://trove.nla.gov.au/version/127836
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • On Choice of Technique in the Robinson-Solow-Srinivasan Model
Author
  • Khan, M. Ali
  • Mitra, Tapan
Physical Description
  • preprint
Notes
  • RePEc:fgv:epgewp:504
  • We report results on the optimal "choice of technique" in a model originally formulated by Robinson, Solow and Srinivasan. By viewing this model as a specific instance of the general theory of intertemporal resource allocation associated with Brock, Gale and McKenzie, we resolve long-standing conjectures in the form of theorems on the existence and price-support of optimal paths, and on their long-run behavior. We also examine policies, due to Stiglitz, as a cornerstone for a theory of transition dynamics in this model. We present examples to show that (i) an optimal program can be periodic, (ii) a Stiglitz' program can be bad, and (iii) a Stiglitz production program can be non-optimal. We then provide sufficient conditions under which the policies proposed by Stiglitz coincide with optimal behavior.
  • RePEc:ecl:corcae:04-13
Language
  • English
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