wealth: one is whether the turnpike property still holds for a general utility that is not necessarily differentiable or … strictly concave, the other is whether the error and the convergence rate of the turnpike property can be estimated. We give … the turnpike property and to estimate the error and the convergence rate of the optimal policy when the utility function …

entire capital stock in every Ramsey equilibrium, called the turnpike property. This generalizes the result in the literature … which establishes the turnpike property using the capital income monotonicity condition. We then provide an example of a … refutation of the turnpike property on Ramsey equilibria. We also show that the constructed Ramsey equilibrium is inefficient in …