The authors 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 function can be...

This study demonstrates the possibility of ergodically chaotic optimal accumulation in the case in which future utilities are discounted arbitrarily weakly. For this purpose, the authors use a two-sector model with Leontief production functions and construct a condition under which the optimal...