A Short Proof of Cass' Theorem on Capital Overaccumulation.
Abstract
The theorem of the title asserts that under suitable assumptions a program of capital accumulation is inefficient if and only if the corresponding price sequence (p sub t) satisfies the summation from t=0 to infinity of (1/p sub t) < infinity. The authors present a short proof of this fact generalized to the case where the production function may vary from one period to the next. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Apr 01, 1974
- Accession Number
- AD0779871
Entities
People
- David Gale
- Lawrence Benveniste
Organizations
- University of California, Berkeley