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Aggregating infinite utility streams with intergenerational equity: the impossibility of being Paretian

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K Basu… - Econometrica, 2003 - Wiley Online Library
It has been known that, in aggregating infinite utility streams, there does not exist any social
welfare function, which satisfies the axioms of Pareto, intergenerational equity, and
continuity. We show that the impossibility result persists even without imposing the ...
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Intertemporal Allocation With a Non-Convex Technology: The Aggregative Framework.

M Majumdar… - Journal of Economic Theory, 1982 - csa.com
Convexity assumptions have played a dominant role in the development of the static
Walrasian equilibrium theory with a finite number of agents and of the normative theories of
productive efficiency and Pareto optimality. In the literature on extending the static theory ...
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Some theoretical results on the economics of forestry

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T Mitra… - The Review of Economic Studies, 1985 - restud.oxfordjournals.org
Abstract The general question of forest management can be stated as follows. Suppose the
planner of a piece of forest land obtains utility in any time period from the timber content of
trees harvested in that period. If the planner wishes to maximize the discounted sum of ...
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On the Faustmann solution to the forest management problem

T Mitra, HY Wan - Journal of Economic Theory, 1986 - Elsevier
Abstract This paper is concerned with optimal solutions to the forest management problem
when future utilities are undiscounted. By examining asymptotic properties of such solutions,
we find that (i) if the utility function is linear, then the Faustmann periodic solution is ...
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Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints

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GB Asheim, W Buchholz, JM Hartwick… - Journal of …, 2007 - Elsevier
In the Dasgupta–Heal–Solow–Stiglitz (DHSS) model of capital accumulation and resource
depletion we show the following equivalence: if an efficient path has constant (gross and net
of population growth) savings rates, then population growth must be quasi-arithmetic and ...
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Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization

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K Basu… - Journal of Economic Theory, 2007 - Elsevier
A definition of a utilitarian social welfare relation (SWR) for infinite utility streams is
proposed. Such a relation is characterized in terms of the Pareto, Anonymity and Partial Unit
Comparability Axioms. The merits of the utilitarian SWR, relative to the more restrictive ...
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Intergenerational equity and efficient allocation of exhaustible resources

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S Dasgupta… - International Economic Review, 1983 - JSTOR
1. INTRODUCTION A problem of lonig-standing interest in intertemporal welfare economics is
whether an appropriate concept of intergenerational equity is compatible with efficient allocation
of resources. In a model with exhaaustible resources, Solow [1974] has interpreted inter- ...
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[CITATION] Dynamic optimization under uncertainty: non-convex feasible set

M Majumdar, T Mitra… - Joan Robinson and Modern Economic Theory,(GR …, 1989
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On choice of technique in the Robinson–Solow–Srinivasan model

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M Ali Khan… - International Journal of Economic Theory, 2005 - Wiley Online Library
1. The work reported here is part of a project with a long gestation period: it was initiated
during Mitra's visit to the Department of Economics at the University of Illinois in 1986,
received invaluable impetus from Professor Robert Solow's presentation at the Srinivasan ...
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Periodic and chaotic programs of optimal intertemporal allocation in an aggregative model with wealth effects

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M Majumdar… - Economic Theory, 1994 - Springer
Summary We examine a discrete-time aggregative model of discounted dynamic
optimization where the felicity function depends on both consumption and capital stock. The
need for studying such models has been stressed in the theory of optimal growth and also ...
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The measurement of income mobility: A partial ordering approach

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T Mitra… - Economic Theory, 1998 - Springer
Summary. Given a set of longitudinal data pertaining to two populations, a question of
interest is the following: Which population has experienced a greater extent of income
mobility? The aim of the present paper is to develop a systematic way of answering this ...
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[CITATION] Efficient growth with exhaustible resources in a neoclassical model

T Mitra - Journal of Economic Theory, 1978 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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A sufficient condition for topological chaos with an application to a model of endogenous growth

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T Mitra - Journal of Economic Theory, 2001 - Elsevier
This paper provides an easily verifiable sufficient condition for topological chaos for
unimodal maps which can be satisfied when the well-known Li–Yorke condition is not
satisfied. It then shows how this result can be applied to a model of endogenous growth ...
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Optimal exploitation of renewable resources under uncertainty and the extinction of species

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T Mitra… - Economic Theory, 2006 - Springer
Summary. We consider an optimally managed renewable resource with stochastic non-
concave growth function. We characterize the conditions under which the optimal policy
leads to global extinction, global conservation and the existence of a safe standard of ...
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[PDF] An exact discount factor restriction for period-three cycles in dynamic optimization models

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T Mitra - Journal of Economic Theory, 1996 - upi-yptk.ac.id
This paper explores the precise extent of discounting needed to generate period-three
cycles in a standard aggregative dynamic optimization framework. It is shown that there is
a``universal constant'', M#[(-5&1) Â2] 2r0. 3819, such that (i) if an optimal program of any ...
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Dynamic optimization on a non-convex feasible set: some general results for non-smooth technologies

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T Mitra… - Journal of Economics, 1984 - Springer
In the theory of optimal intertemporal allocation, the assumption of a convex feasible set has
played a dominant role. In recent years, several contributions have focused on the
implications for this theory, when the feasible set does not have the convexity property.( ...
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A note on controlling a chaotic tatonnement

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V Bala, M Majumdar… - Journal of economic behavior & …, 1998 - Elsevier
The paper studies the possibility of 'targeting'or 'controlling'a chaotic tatonnement by suitable
perturbations of the law of motion. The analysis is in the context of a parametric class of
exchange economies which are shown to constitute the logistic family of dynamical ...
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Dynamic optimization with a non-convex technology: the case of a linear objective function

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M Majumdar… - The Review of Economic Studies, 1983 - restud.oxfordjournals.org
Abstract The paper studies the problem of optimal intertemporal allocation in an aggregative
model with a non-convex technology set and a discounted sum of consumptions as the
objective function. The study demonstrates the existence of a threshold initial stock such ...
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Sustainability and discounted utilitarianism in models of economic growth

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GB Asheim… - Mathematical Social Sciences, 2010 - Elsevier
Discounted utilitarianism treats generations unequally and leads to seemingly unappealing
consequences in some models of economic growth. Instead, this paper presents and
applies sustainable discounted utilitarianism (SDU). SDU respects the interests of future ...
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Limits on population growth under exhaustible resource constraints

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T Mitra - International Economic Review, 1983 - JSTOR
This paper is concerned with the following question: what patterns of population growth2 are
consistent with the attainment of some well-known social objectives, in the presence of
exhaustible resource constraints? In the literature on economic growth, with exhaustible ...
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On the equitability of progressive taxation

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T Mitra… - Journal of Economic Theory, 1997 - Elsevier
We propose the principle of equal sacrifice to determine the class of “vertically inequitable”
progressive taxes. A necessary condition for an income tax function to be equal sacrifice is
formulated, and hence, a subclass of progressive taxes which cannot inflict the same ...
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Indefinitely sustained consumption despite exhaustible natural resources

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D Cass… - Economic Theory, 1991 - Springer
Summary This paper analyzes the feasibility of sustaining uniformly positive consumption
forever—even when flows of exhaustible resources are an indispensable input. The main
result is a characterization of an economy's capability for sustaining such consumption— ...
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Personal income taxation and the principle of equal sacrifice revisited

T Mitra… - International Economic Review, 1996 - JSTOR
This paper shows that, in the domain of piecewise linear statutory income tax functions, the
principle of equal sacrifice implies tax progressivity. The progressivity implication of the
doctrine is, in fact, stronger: the equal sacrifice principle, in essence, characterizes ...
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Discounting and long-run behavior: Global bifurcation analysis of a family of dynamical systems

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T Mitra… - Journal of Economic Theory, 2001 - Elsevier
This paper is concerned with the relationship between the discount rate and the nature of
long-run behavior in dynamic optimization models. The theory is developed under two
conditions. The first is history independence, which rules out multiple limit sets. The ...
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On equilibrium dynamics under externalities in a model of economic development

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T Mitra - Japanese Economic Review, 1998 - Wiley Online Library
This paper studies a discrete-time version of a model of economic development proposed by
Lucas, in which the average stock of human capital produces a positive externality in the
production of the physical capital good. It establishes the existence of equilibrium ...
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[PDF] On the existence of Paretian social welfare relations for infinite utility streams with extended anonymity

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T Mitra… - Intergenerational Equity and Sustainability …, 2007 - economics.cornell.edu
Abstract In this paper, we examine the restrictions that any concept of extended anonymity
must satisfy in order to be compatible with the existence of a Paretian social welfare relation
(SWR). We completely characterize the class of permissible permutations associated with ...
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On optimal economic growth with variable discount rates: existence and stability results

T Mitra - International Economic Review, 1979 - JSTOR
T (1) EIoeu(c,) where a, > 0, for t > 1, a = 1. t=1 For t>1, flt+I=(xte+/a,) is the discount factor for
time period (t+ 1), and Vt+i = (l/pt+ )-1] is the corresponding discount rate. In contrast to the traditional
objective functions used in Cass [1965] and Koopmans [1965], we shall allow the ...
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On Nash equilibrium programs of capital accumulation under altruistic preferences

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J Lane… - International Economic Review, 1981 - JSTOR
An important problem in intertemporal economics is to examine whether intergenerational
equity is compatible with Pareto-efficient allocation of resources. There is no unanimity
about what constitutes an appropriate concept of intergenerational equity. Rawls [1972] ...
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Identifying inefficiency in smooth aggregative models of economic growth* 1:: A unifying criterion

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T Mitra - Journal of mathematical Economics, 1979 - Elsevier
Abstract The paper establishes a complete characterization of inefficient programs in an
aggregative model of economic growth. The main theorem states that a feasible program,
satisfying a smoothness condition, is inefficient if and only if (a) the sequence of the value ...
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Intertemporal equity and efficient allocation of resources

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T Mitra - Journal of Economic Theory, 2002 - Elsevier
Competitive paths which are efficient are shown to satisfy a terminal cost minimization
condition, thereby providing a continuous-time counterpart to the discrete-time result due to
Malinvaud. Using this result, competitive paths which are equitable and efficient are ...
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Intertemporal optimality in a closed linear model of production

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S Dasgupta… - Journal of Economic Theory, 1988 - Elsevier
Abstract The paper presents the main results on intertemporal optimality with discounting in
a closed linear model of production, including the price characterization of optimal
programs, the existence of a steady-state optimal program, and a turnpike property of ...
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[PDF] A new equity condition for infinite utility streams and the possibility of being Paretian

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GB Asheim, T Mitra… - IEA CONFERENCE VOLUME …, 2007 - folk.uio.no
This paper investigates the properties of a new equity condition for infinite utility streams.
The condition, which was introduced in Asheim and Tungodden (2004a), is" Hammond
Equity for the Future"(henceforth referred to as HEF), and it captures the following ethical ...
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On the existence of a stationary optimal stock for a multi-sector economy: A primal approach

M Ali Khan… - Journal of Economic Theory, 1986 - Elsevier
Abstract Using a purely primal approach, we show the existence of a non-trivial stationary
optimal stock for a multi-sector economy. Our result generalizes earlier work by dropping the
δ-productivity assumption and by replacing the continuity hypothesis on the utility function ...
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OPTIMAL GROWTH IN A TWO‐SECTOR RSS MODEL WITHOUT DISCOUNTING: A GEOMETRIC INVESTIGATION*

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M Ali Khan… - Japanese Economic Review, 2007 - Wiley Online Library
ALI KHAN, M. and MITRA, T.(2007), OPTIMAL GROWTH IN A TWO-SECTOR RSS MODEL
WITHOUT DISCOUNTING: A GEOMETRIC INVESTIGATION. Japanese Economic Review,
58: 191–225. doi: 10.1111/j. 1468-5876.2007. 00352. x
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The nature of the steady state in models of optimal growth under uncertainty

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T Mitra, L Montrucchio… - Economic Theory, 2003 - Springer
Summary. We study a one-sector stochastic optimal growth model with a representative
agent. Utility is logarithmic and the production function is of the Cobb-Douglas form with
capital exponent α. Production is affected by a multiplicative shock taking one of two ...
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Intertemporal Equity and Hartwick's Rule in an Exhaustible Resource Model*

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W Buchholz, S Dasgupta… - The Scandinavian Journal …, 2005 - Wiley Online Library
Research on this paper was started when Dasgupta was visiting Cornell University, whose
research facilities, as well as sabbatical leave support from Dalhousie University, are
gratefully acknowledged. The current version has benefited from valuable comments by ...
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Rationalizing policy functions by dynamic optimization

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T Mitra… - Econometrica, 1999 - Wiley Online Library
We derive necessary and sufficient conditions for a pair of functions to be the optimal policy
function and the optimal value function of a dynamic maximization problem with convex
constraints and concave objective functional. It is shown that every Lipschitz continuous ...
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[PDF] On efficiency and Pareto optimality of competitive programs in closed multisector models

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M Majumdar, T Mitra… - Journal of Economic …, 1976 - econ.berkeley.edu
One of the well-known paradoxes of infinity is the possibility that a competitive program is
inefficient, such'inefficiency being linked to overaccumulation of capital. Recognition of the
serious implications of this fact has led to attempts to derive conditions that can isolate ...
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Sustainable recursive social welfare functions

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GB Asheim, T Mitra… - Economic Theory, 2012 - Springer
Abstract What ethical criterion for intergenerational justice should be adopted, eg, when
faced with the task of managing the global environment? Koopmans' axiomatization of
discounted utilitarianism is based on seemingly compelling conditions, yet this criterion ...
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On the relationship between discounting and complicated behavior in dynamic optimization models

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T Mitra - Journal of economic behavior & organization, 1998 - Elsevier
This paper explores the relationship between discounting and complicated behavior in
dynamic optimization models. An inverse relationship between the discount factor of a
dynamic optimization model and the topological entropy of the corresponding optimal ...
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Characterization of intertemporal optimality in terms of decentralizable conditions: The discounted case

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S Dasgupta… - Journal of Economic Theory, 1988 - Elsevier
Abstract The paper studies the problem of characterizing the optimality of competitive
programs in terms of “decentralizable” conditions. We show that, when future utilities are
discounted, and the optimal stationary stock is proportionately expansible, then optimality ...
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On optimal depletion of exhaustible resources: existence and characterization results

T Mitra - Econometrica: Journal of the Econometric Society, 1980 - JSTOR
IN RECENT YEARS, there has developed a significant literature on the economics of natural
resources. A part of this literature is concerned with finding the characteristics of optimal
programs for economies with exhaustible resource constraints; that is, of jointly ...
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[PDF] Sustainable recursive social welfare functions

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GB Asheim, T Mitra… - memorandum, 2006 - folk.uio.no
Abstract Koopmans' axiomatization of discounted utilitarianism is based on seemingly
compelling conditions, yet this criterion leads to hard-to-justify outcomes. The present
analysis considers a class of sustainable recursive social welfare functions within ...
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Sensitivity of optimal programs with respect to changes in target stocks: The case of irreversible investment

T Mitra - Journal of Economic Theory, 1983 - Elsevier
Abstract Consider an aggregative model of economic growth with changing technology and
tastes, in which investment is irreversible. It is shown that initial decisions in finite-horizon
optimal programs are insensitive to changes in terminal stocks, provided the horizon is ...
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PATTERNS OF TRADE AND GROWTH UNDER INCREASING RETURNS: ESCAPE FROM THE POVERTY TRAP*

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M Majumdar… - Japanese Economic Review, 1995 - Wiley Online Library
Majumdar, M. and Mitra, T.(1995), PATTERNS OF TRADE AND GROWTH UNDER
INCREASING RETURNS: ESCAPE FROM THE POVERTY TRAP. Japanese Economic
Review, 46: 207–223. doi: 10.1111/j. 1468-5876.1995. tb00012. x
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Introduction to intertemporal equilibrium theory: Indeterminacy, bifurcations, and stability

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T Mitra… - Journal of Economic Theory, 2001 - Elsevier
This paper provides an overview of the basic concepts of intertemporal equilibrium theory,
and discusses the frameworks and techniques used in this subject. It then goes on to
introduce the main themes discussed in the papers included in this symposium issue. ...
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[CITATION] Factor shares and the Chipman condition

T Mitra… - Trade, Theory and Econometrics: Essays in Honor of …, 1999
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A result on the transfer problem in international trade theory

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M Majumdar… - Journal of international Economics, 1985 - Elsevier
Abstract The purpose of this paper is to provide a result on the welfare effect of a transfer, in
a general equilibrium exchange model, with no arbitrary restrictions on either the number of
commodities traded or the number of countries. Our result can be stated as follows. The ...
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[CITATION] Presistence of Economic Growth Desoite Exhaustion of Natural Resources

D Cass… - 1979
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Undiscounted optimal growth in the two-sector Robinson-Solow-Srinivasan model: a synthesis of the value-loss approach and dynamic programming

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MA Khan… - Economic Theory, 2006 - Springer
Abstract We highlight two features of undiscounted optimal growth in the context of a two-
sector model due to Robinson, Solow and Srinivasan. First, we use the value-loss approach
of Radner-Gale-McKenzie to show a multiplicity of optimal programs in situations when ...
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Pareto optimality and competitive equilibrium in infinite horizon economies

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D McFadden, T Mitra… - Journal of Mathematical Economics, 1980 - Elsevier
Abstract The paper presents a general model of a decentralized economy evolving over an
infinite time horizon. Alternative notions of price systems, competitive equilibria, efficiency
and optimality are introduced. The main results characterize conditions under which the ...
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[CITATION] A note on the role of the transversality condition in signalling capital overaccumulation

T Mitra… - Journal of Economic Theory, 1976 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. A note
on the role of the transversality condition in signalling capital overaccumulation. Tapan Mitra
and Mukul Majumdar. Journal of Economic Theory, 1976, vol. 13, issue 1, pages 47-57. ...
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On the welfare significance of national product for economic growth and sustainable development

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S Dasgupta… - Japanese Economic Review, 1999 - Wiley Online Library
This paper formulates an investment value transversality condition in a continuous-time
growth model, which characterizes competitive paths along which current net national
product measures the welfare achieved along the path. This transversality condition ...
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Intergenerational equity and the forest management problem

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T Mitra - Economics, Sustainability, and Natural Resources, 2005 - Springer
The paper re-examines the foundations of representation of intertemporal preferences that
satisfy intergenerational equity, and provides an axiomatic characterization of those social
welfare relations, which are representable by the utilitarian ordering, in ranking ...
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Robust ergodic chaos in discounted dynamic optimization models

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M Majumdar… - Economic Theory, 1994 - Springer
Summary We identify a family of discounted dynamic optimization problems in which the
immediate return function depends on current consumption, capital input and a taste
parameter. The usual monotonicity and concavity assumptions on the return functions and ...
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On the value maximizing property of infinite horizon efficient programs

T Mitra - International Economic Review, 1979 - JSTOR
An interesting problem in the theory of efficient allocation of resources over time, in an
infinite horizon model, is to examine whether, in some appropriate sense, an efficient
program maximizes the present-value of its consumption sequence.
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Decentralized evolutionary mechanisms for intertemporal economies: A possibility result

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V Bala, M Majumdar… - Journal of Economics, 1991 - Springer
We consider a stationary, infinite horizon aggregative model with one consumer and one
producer living in each period. A decentralized intertemporal mechanism, satisfying the
following “evolutionary” property, is constructed: if the current period's producer and ...
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[PDF] Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization

[PDF] from cornell.edu
K Basu… - Working Papers, 2003 - economics.cornell.edu
Abstract A definition of a utilitarian social welfare relation (SWR) for in0 finite utility streams is
proposed. Such a relation is characterized in terms of the Pareto, Anonymity and Partial Unit
Comparability Axioms. The merits of the utilitarian SWR, relative to the more re0 strictive ...
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Discounted optimal growth in the two-sector RSS model: a geometric investigation

MA Khan… - Advances in mathematical economics, 2006 - Springer
This paper initiates a comprehensive investigation of discounted optimal growth in the two-
sector RSS model as a specific instance of the general theory of resource allocation
associated with Brock, Gale and McKenzie. For an interval of values of a parameter ξ ...
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Maximum theorems for convex structures with an application to the theory of optimal intertemporal allocation

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PK Dutta… - Journal of Mathematical Economics, 1989 - Elsevier
Abstract A mathematical result often used in economic theory, is Berge's Maximum Theorem.
This establishes continuity of the value function and upper semicontinuity of the maximizers'
correspondence. However, the theorem requires the return function and the feasible ...
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[CITATION] On maintainable consumption levels and exhaustible resources

T Mitra - 1978 - … Bureau, State University of New York
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Share Ribs and Income Distribution*

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RW Jones… - Review of International Economics, 1995 - Wiley Online Library
Abstract The connection between changes in commodity prices and the distribution of
income is a question of active interest since the 1941 Stolper-Samuelson Theorem. In higher
dimensions results are obtained only if structure is imposed. Here we assume that each of ...
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On topological chaos in the Robinson–Solow–Srinivasan model

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MA Khan… - Economics Letters, 2005 - Elsevier
Under a sufficient condition to ensure a unique optimal program, the theory of turbulence in
non-linear dynamical systems allows us to exhibit an instance of (topologically) chaotic
optimal behavior in a two-sector model with irreversible investment due to Robinson– ...
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Popular support for progressive taxation and the relative income hypothesis

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T Mitra, EA Ok… - Economics Letters, 1998 - Elsevier
We show that a marginal rate progressive tax always defeats a marginal rate regressive tax
under pairwise majority voting (so long as the latter collects at least as much revenue as the
former one) irrespective of whether the voters care at all about their relative incomes or not.
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On the impatience implications of Paretian social welfare functions

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K Banerjee… - Journal of Mathematical Economics, 2007 - Elsevier
In this paper, we investigate the impatience implications resulting from the assumption of
existence of a Paretian social welfare function (SWF) aggregating infinite utility streams. We
show, for very general program spaces, that the set of utility streams, at which the SWF ...
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On efficient capital accumulation in a multi-sector neoclassical model

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T Mitra - The Review of Economic Studies, 1976 - JSTOR
The problems of characterizing efficient infinite programmes, and in particular efficient
competitive programmes, have been much discussed in the literature (for a complete list of
references, the interested reader should consult Cass [1],[2] and Majumdar [5]). For the ...
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On optimal economic growth with changing technology and tastes: characterization and stability results

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T Mitra… - International Economic Review, 1981 - JSTOR
In this paper, we consider a framework of optimal growth, in which technology and tastes are
changing over time. The model is an aggregative one, and follows closely those studied by
Brock [1971] and Brock and Gale [1969]. In this framework, we address two important ...
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[CITATION] On the Existence of a Stationary Optimal Stock for a Multi-Sector Economy with Non-Convex Technology

T Mitra - Equilibrium and Dynamics: Essays in honor of David …, 1992
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Inequality and welfare in market economies

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JE Foster, MK Majumdar… - Journal of Public Economics, 1990 - Elsevier
Abstract Atkinson (1970) and Kolm (1969) have shown how Lorenz ranking of distributions
of a fixed amount of income (or a single commodity) may correspond to social welfare
rankings: lower inequality indicates higher social welfare. Atkinson and Bourguignon ( ...
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On the existence of optimal processes in non-stationary environments

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T Mitra… - Journal of Economics, 1991 - Springer
We consider an aggregative model of intertemporal allocation under uncertainty, in which
the utility and production functions are allowed to be time dependent, the random shocks
occurring in each period are entirely arbitrary, and the production functions are permitted ...
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[PDF] On literacy rankings

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T Mitra - Center for analytical economics working paper, 2002 - arts.cornell.edu
Abstract This paper is concerned with the issue of characterizing the situa0 tions in which all
the literacy indices, consistent with a set of reason0 able axioms, would provide the same
ranking of societies. It is shown that a theory, analogous to that developed for the Lorenz ...
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On continuity of the utility function in intertemporal allocation models: an example

PK Dutta… - International Economic Review, 1989 - JSTOR
A standard model of intertemporal allocation (described by a technology set, and a welfare
function defined on consumption) can be reduced to one described by a technology set, and
a utility function defined on this set. We present an example to show that even when the ...
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Characterization of the turnpike property of optimal paths in the aggregative model of intertemporal allocation

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T Mitra - International Journal of Economic Theory, 2005 - Wiley Online Library
1. An earlier version of this paper was presented at a conference on “New perspectives on
instability: the role of heterogeneity” in June 2001 in Marseille, France. Comments received
from participants at the conference are gratefully acknowledged. The current version has ...
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Optimal cycles and chaos

T Mitra, K Nishimura… - Handbook on Optimal Growth 1, 2006 - Springer
Optimal growth models have originally been developed in order to analyze the long-run
implications of capital accumulation and technological progress. Later on, however, it has
been noticed that essentially the same model structure can also be used to shed light on ...
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INTERTEMPORAL COMPLEMENTARITY AND OPTIMALITY: A STUDY OF A TWO‐DIMENSIONAL DYNAMICAL SYSTEM*

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T Mitra… - International Economic Review, 2005 - Wiley Online Library
Mitra, T. and Nishimura, K.(2005), INTERTEMPORAL COMPLEMENTARITY AND
OPTIMALITY: A STUDY OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM. International
Economic Review, 46: 93–131. doi: 10.1111/j. 0020-6598.2005. 00311. x
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Efficient and optimal programs when investment is irreversible:: A duality theory

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T Mitra… - Journal of Mathematical Economics, 1983 - Elsevier
Abstract An attempt is made in this paper to formulate a satisfactory duality theory of efficient
and optimal programs in intertemporal models with irreversible inveatment. The introduction
of the constraint that depreciated capital stock cannot be used for present consumption ...
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Optimal growth under discounting in the two-sector Robinson–Solow–Srinivasan model: a dynamic programming approach†

MA Khan… - Journal of Difference Equations and …, 2007 - Taylor & Francis
We use a version of a two-sector model to provide a strong form of a “folk-theorem” on the
existence of a threshold discount factor such that:(i) for discount factors above this threshold
value, optimal behavior is qualitatively similar to that in the corresponding undiscounted ...
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Ranking investment projects

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JE Foster… - Economic Theory, 2003 - Springer
Summary. This paper describes conditions under which one investment project dominates a
second project in terms of net present value, irrespective of the choice of the discount rate.
The resulting partial ordering of projects has certain similarities to stochastic dominance. ...
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On equitable social welfare functions satisfying the Weak Pareto Axiom: A complete characterization

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RS Dubey… - International Journal of Economic Theory, 2011 - Wiley Online Library
The present paper examines the problem of aggregating infinite utility streams with a social
welfare function that respects the Anonymity and Weak Pareto Axioms. The paper provides a
complete characterization of domains (of the one period utilities) on which such an ...
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[CITATION] Public Debt in the Overlapping Generations Model: A Characterization of Bonafide Tax-transfer Policies

T Mitra - 1987 - University of Pennsylvania, Center …
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On the existence of chaotic policy functions in dynamic optimization

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T Mitra… - Japanese Economic Review, 1999 - Wiley Online Library
Applying the characterization results from Mitra and Sorger (1999), we show that topological
chaos is a robust phenomenon in standard aggregative growth models even under arbitrary
mild discounting. Furthermore, we state exact discount factor restrictions, under which two ...
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Growth in the Robinson–Solow–Srinivasan model: undiscounted optimal policy with a strictly concave welfare function

M Ali Khan… - Journal of Mathematical Economics, 2008 - Elsevier
In a special case of a model due to Robinson, Solow and Srinivasan, we characterize the
optimal policy function (OPF) for undiscounted optimal growth with a strictly concave felicity
function. This characterization is based on an equivalence of optimal and minimum value- ...
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Sustained positive consumption in a model of stochastic growth: the role of risk aversion

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T Mitra… - Journal of Economic Theory, 2011 - Elsevier
In a stochastic economy, long run consumption and output may not be bounded away from
zero even when productivity is arbitrarily high near zero and uncertainty is arbitrarily small.
In the one-sector stochastic optimal growth model with iid production shocks, we ...
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Optimal and competitive programs in reachable multi sector models

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S Dasgupta… - Economic Theory, 1999 - Springer
Summary. We show that in multi-sector optimal growth models, where the technology
satisfies a simple reachability condition, infinite horizon programs which satisfy the
competitive conditions are optimal. We provide examples of a variety of production models ...
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Efficient Ramsey Equilibria

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RA Becker… - Macroeconomic Dynamics, 2011 - Cambridge Univ Press
Abstract Ramsey equilibrium models with heterogeneous agents and borrowing constraints
are shown to yield efficient equilibrium sequences of aggregate capital and consumption.
The proof of this result is based on verifying that equilibrium sequences of prices satisfy ...
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On the continuity of ethical social welfare orders on infinite utility streams

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K Banerjee… - Social Choice and Welfare, 2008 - Springer
Abstract In this paper we study the extent to which ethical social welfare orders on infinite
utility streams can be continuous. For a class of metrics, we show that ethical preferences
can be continuous if and only if the continuity requirement is in terms of a metric which ...
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Efficiency, Weak Value Maximality and Weak Value Optimality in a Multisector Model

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T Mitra - The Review of Economic Studies, 1981 - JSTOR
An important problem in the theory of efficient allocation of resources over time, in an infinite
horizon model, is to examine whether an efficient programme maximizes the present value
of its consumption sequence, in the set of all feasible consumption sequences. A natural ...
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Feasible alternatives under deteriorating terms of trade

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T Mitra, M Majumdar… - Journal of International Economics, 1982 - Elsevier
Abstract The paper presents a dynamic general equilibrium model of a small open economy
which employs an essential imported input in production. The economy is said to be capable
of survival, if, given the technology and the time-path of world prices, there is at least one ...
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Some Results on the Optimal Depletion of Exhaustible Resources Under Negative Discounting

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T Mitra - The Review of Economic Studies, 1981 - restud.oxfordjournals.org
The theory of optimal economic growth, in the form given it by Ramsey (1928), and
developed by many others, is primarily concerned with determining the pattern of investment
in augmentable capital goods, which is most desirable for an economy, according to a" ...
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On some aspects of survival under production uncertainty

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T Mitra… - Economic Theory, 1993 - Springer
In recent years there has emerged a considerable volume of literature which analyzes the
possibility of a certain performance index staying above a minimum level over time for an
agent who operates in a given stochastic dynamic environment. Thus, one may be ...
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[BOOK] Handbook on optimal growth 1: discrete time

RA Dana, C Le Van, T Mitra, K Nishimura… - 2006 - lavoisier.fr
The problem of efficient or optimal allocation of resources is a fundamental concern of
economic analysis. The theory of optimal economic growth can be viewed as an aspect of
this central theme, which emphasizes in general the issues arising in the allocation of ...
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[CITATION] Characterizing Inefficiency of Infinite-Horizon Programs in Nonsmooth Technologies

LM Benveniste… - General Equilibrium, Growth and Trade (Jerry R. Green …, 1979
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[CITATION] Some Theoretical Results on the Economics of Forestry

T Mitra - 1981 - Department of Economics Cornell …
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[CITATION] Equilibrium growth and sustained consumption with exhaustible resources

NV Long, T Mitra… - 1995 - mimeo
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[PDF] Efficient Monetary Equilibrium: An Overlapping Generations Model with Nonstationary Monetary Policies

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J Esteban, T Mitra… - Journal of Economic Theory, 1994 - esteban.iae-csic.org
This paper is concerned with the characterization of public debt policies that are consistent
with competitive equilibria in which (i) money is positively priced, and (ii) intertemporal
allocation is efficient. The framework used is an overlapping generations model with many ...
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[CITATION] On the Nature of Policy Functions of Dynamic Optimization Models

T Mitra - Working Paper, Cornell University, 1996
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[CITATION] Efficient capital accumulation in a multisectoral neoclassical model: A direct characterisation

T Mitra - 1973
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Robust chaos in dynamic optimization models

M Majumdar… - Ricerche Economiche, 1994 - Elsevier
Abstract The purpose of this paper is to investigate the (theoretical) importance of chaos as a
phenomenon occurring in dynamic optimization problems. The intertemporal models we
focus on are specified by a standard aggregative production function, an immediate return ...
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[CITATION] Complexities of concrete walrasian systems

M Majumdar… - Issues in economic theory and policy. Essays in …, 1997
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[CITATION] A note on efficient growth with irreversible investment and the Phelps-Koopmans theorem

T Mitra - Journal of Economic Theory, 1978 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. A note
on efficient growth with irreversible investment and the Phelps-Koopmans theorem. Tapan Mitra.
Journal of Economic Theory, 1978, vol. 18, issue 1, pages 216-223. ...
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