Solving the Non-Convexity Problem in Some Shopping-Time and Human-Capital Models

Several works in the shopping-time and in the human-capital literature, due to the nonconcavity of the underlying Hamiltonian, use first-order conditions in dynamic optimization to characterize necessity, but not sufficiency, 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 application of Arrow's (1968) sufficiency theorem

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Year of publication:	2014
Authors:	Cysne, Rubens Penha
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Humankapital \| Human capital \| Kontrolltheorie \| Control theory \| Endogenes Wachstumsmodell \| Endogenous growth model \| Inflation

Extent:	1 Online-Ressource (15 p)
Series:	Ensaios Economicos ; No. 567
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 10, 2004 erstellt
Other identifiers:	10.2139/ssrn.2390019 [DOI]
Classification:	E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013059592