A Turnpike Theorem for a Non-stationary Gale Economy with Limit Technology : a Particular Case

• Autorzy: Emil Panek
• Języki publikacji: EN

Abstrakty

EN

This paper is a continuation of the work by Panek [2013a], [2013b] and Panek and Runka [2011], with direct reference to [2013b]. The difference between this paper and paper [2013b] reveals when applying a different optimality criterion with the help of which growth processes are assessed. The optimality criterion in [2013b] is the value of production in the last period of a fixed planning horizon T = {0, 1, ..., t1} measured in von Neumann equilibrium prices. In this paper we take the total value of output (also measured in von Neumann prices) produced in the whole horizon T as a growth criterion. The aim of the paper is to prove that a change of growth criterion does not deprive the economy of its turnpike properties. It was pointed out that a Gale economy with a changeable technology convergent to the limit technology also preserves similar properties if we accept the social utility function (with standard properties) as a growth criterion. The paper consists of three sections. In Section 1 we present a non-stationary Galetype model with a limit technology. Section 2 contains proof of the so-called 'weak' turnpike theorem, whilst in Section 3 we prove a 'strong' version of the turnpike theorem for the economy under investigation. The paper closes with final comments.(original abstract)

Słowa kluczowe

EN

Economy; Production; Technology

PL

Gospodarka; Produkcja; Technologia

• Czasopismo: Economics and Business Review
• Rocznik: 2015
• Tom: 1 (15)
• Numer: nr 4
• Strony: 3--13

Twórcy

autor

Emil Panek

• Poznań University of Economics, Poland

Bibliografia

• Gale, D., 1956, The Closed Linear Model of Production, in: Kuhn, H.W., Tucker, A.W. (eds.), Linear Inequalities and Related Systems, Princeton University Press, Princeton: 285-303.
• Panek, E., 2003, Ekonomia matematyczna, Wydawnictwo Akademii Ekonomicznej w Poznaniu, Poznań.
• Panek, E., 2013a, Niestacjonarny model von Neumanna z graniczną technologią, Studia Oeconomica Posnaniensia, vol. 1, no. 1 (250): 49-68.
• Panek, E., 2013b, "Słaby" i "bardzo silny" efekt magistrali w niestacjonarnej gospodarce Gale'a z graniczną technologią, Przegląd Statystyczny, nr 60 (3): 291-303.
• Panek, E., Runka, H.J., 2011, Efekt magistrali w gospodarce Gale'a. Wersja szczególna, w: Panek, E. (red.), Matematyka i informatyka na usługach ekonomii. Modelowanie zjawisk gospodarczych, Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu, Poznań: 220-231.
• Radner, R., 1961, Path of Economic Growth that Are Optimal with Regard to Final States: A Turnpike Theorem, Rev. Econ. Studies, XXVIII, no. 2: 98-104.
• Takayama, A., 1985, Mathematical Economics, Cambridge University Press, Cambridge.

Identyfikatory

DOI

10.18559/ebr.2015.4.1