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Maćkowiak Piotr (Poznań University of Economics, Poland)
Adaptive Rolling Plans Are Good
Argumenta Oeconomica, 2010, nr 2 (25), s. 117-136, bibliogr. 17 poz.
Konwergencja, Ekonomia matematyczna
Convergence, Mathematical economics
Here we prove the goodness property of adaptive rolling plans in a multisector optimal growth model under decreasing returns in deterministic environment. Goodness is achieved as a result of fast convergence (at an asymptotically geometric rate) of the rolling plan to balanced growth path. Further on, while searching for goodness, we give a new proof of strong concavity of an indirect utility function – this result is achieved just with help of some elementary matrix algebra and differential calculus.(original abstract)
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