Mabrouk, Mohamed (2006): Allaisanonymity as an alternative to the discountedsum criterion in the calculus of optimal growth I: Consensual optimality.

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Abstract
The objective of this work is to try to define and calculate the optimal growth path, in the presence of exogenous technical change, without resorting to the discountedsum criterion. The solution suggested is to consider an optimality criterion expressing an Allaisanonymous intergenerational consensus. The partial characterization of consensual optimality was made possible thanks to the decomposition of the dual of the space of subgeometric sequences of reason p. The main finding is a relation between the marginal rate of substitution between bequest and heritage, and the growth rate, relation which is a necessary condition for consensual optimality. The necessary study of the Paretooptimality of the consensual optimum is the subject of a forthcoming paper "Allaisanonymity as an alternative to the discountedsum criterion in the calculus of optimal growth II: Pareto optimality and some economic interpretations".
Item Type:  MPRA Paper 

Original Title:  Allaisanonymity as an alternative to the discountedsum criterion in the calculus of optimal growth I: Consensual optimality 
Language:  English 
Keywords:  Intergenerational anonymity; Intergenerational equity; Optimal growth; Technical change; Timepreference; Discountedsum criterion; Consensual criterion; OG economy 
Subjects:  O  Economic Development, Technological Change, and Growth > O4  Economic Growth and Aggregate Productivity > O41  One, Two, and Multisector Growth Models D  Microeconomics > D7  Analysis of Collective DecisionMaking > D71  Social Choice; Clubs; Committees; Associations D  Microeconomics > D6  Welfare Economics > D63  Equity, Justice, Inequality, and Other Normative Criteria and Measurement O  Economic Development, Technological Change, and Growth > O3  Technological Change; Research and Development; Intellectual Property Rights > O30  General D  Microeconomics > D9  Intertemporal Choice and Growth > D90  General C  Mathematical and Quantitative Methods > C6  Mathematical Methods; Programming Models; Mathematical and Simulation Modeling > C61  Optimization Techniques; Programming Models; Dynamic Analysis 
Item ID:  10512 
Depositing User:  Mohamed ben Ridha Mabrouk 
Date Deposited:  21. Nov 2008 04:58 
Last Modified:  17. Feb 2013 22:55 
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URI:  http://mpra.ub.unimuenchen.de/id/eprint/10512 