Munich Personal RePEc Archive

Application of functional analysis to models of efficient allocation of economic resources

Chichilnisky, Graciela and Kalman, P. J. (1979): Application of functional analysis to models of efficient allocation of economic resources. Published in: Journal of Optimization Theory and Applications , Vol. 30, No. No. 1 (January 1980): pp. 19-32.

[img]
Preview
PDF
MPRA_paper_8004.pdf

Download (1877Kb) | Preview

Abstract

The present paper studies existence and characterization of efficient paths in infinite-horizon economic growth models: the method used is based on techniques of nonlinear functional analysis on Hilbert spaces developed earlier by Chichilnisky. Necessary and sufficient conditions are given for the existence of positive competitive price systems in which the efficient programs maximize present value and intertemporal profit. Approximation of these competitive price systems by strictly positive ones with similar properties is studied. A complete characterization is also given f a class of welfare functions (nonlinear operators defined on consumption paths) for continuity in a weighted L2-norm.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.