Solving the non-convexity problem in some shopping-time and human-capital models
Data(s) |
13/05/2008
13/05/2008
01/09/2004
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Resumo |
Several works in the shopping-time and in the human-capital literature, due to the nonconcavity of the underlying Hamiltonian, use Örst-order conditions in dynamic optimization to characterize necessity, but not su¢ ciency, in intertemporal problems. In this work I choose one paper in each one of these two areas and show that optimality can be characterized by means of a simple aplication of Arrowís (1968) su¢ ciency theorem. |
Identificador |
01048910 |
Idioma(s) |
en_US |
Publicador |
Escola de Pós-Graduação em Economia da FGV |
Relação |
Ensaios Econômicos;567 |
Palavras-Chave | #Arrow's sufficiency theorem #Optimal control #Shopping-time #Human capital #Growth #Economia #Economia matemática |
Tipo |
Working Paper |