Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/70443
Authors: 
Banerjee, Kuntal
Mitra, Tapan
Year of Publication: 
2009
Series/Report no.: 
CAE Working Paper 09-03
Abstract: 
For a class of aggregative optimal growth models, which allow for a non-convex and non-differentiable production technology, this paper examines whether the set of utilitarian maximal programs coincides with the set of weakly maximal programs. It identifies a condition, called the Phelps-Koopmans condition, under which the equivalence result holds. An example is provided to demonstrate that the equivalence result is invalid when the Phelps-Koopmans condition does not hold.
Subjects: 
Utilitarian Maximal
Weakly Maximal
Phelps-Koopmans condition
Aggregative growth models
JEL: 
C61
D90
E10
O41
Document Type: 
Working Paper

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