A Twisted Turnpike,
Abstract
In a closed linear model of production, a path of maximal balanced growth is called a Neumann ray. Past turnpike theorems have shown that in such a model long efficient paths of capital accumulation remain near a Neumann ray most of the time. Because they assert convergence over long periods of time, it is important to see how much the results depend on the assumption of fixed production possibilities. The paper used McKenzie's version of the Morishima no-joint-production turnpike theorem to see how much of the theory can be retained if the production possibilities vary with time. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Nov 01, 1970
- Accession Number
- AD0721269
Entities
People
- E. B. Keeler
Organizations
- RAND Corporation