Publisher Summary This chapter is concerned with the long-term tendencies of paths of
capital accumulation that maximize, in some sense, a utility sum for society over an …

This paper presents a fully specified model of long-run growth in which knowledge is
assumed to be an input in production that has increasing marginal productivity. It is …

Three eminent economists provide in this book a rigorous, self-contained treatment of
modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott …

This monograph deals with various classes of deterministic and stochastic continuous time
optimal control problems that are defined over unbounded time intervals. For these …

Support prices are derived for weakly maximal paths in an optimal growth model which is
time dependent but without uncertainty. The notion of" reachable" stocks and paths is …

Synergetic Economics presents a new advance in analytical economics. It deals with
problems related to time and change in economic systems, including complex aspects, such …

A method is described for constructing all Pareto-optimal allocations for a dynamic economy
with many heterogeneous consumers, under certainty, in which both the technology and …

A systematic and comprehensive introduction to the study of nonlinear dynamical systems,
in both discrete and continuous time, for nonmathematical students and researchers working …

Publisher Summary A duality theorem between production functions and normalized
restricted profit functions is derived under the assumptions of joint biconvexity and …

There are many infinite horizon optimal problems in economic models. In such problems, the
transversality condition may not be verified, as shown by Halkin'sexample. But we prove …