A multidimensional, nonconvex model of optimal growth

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7 octobre 2023

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HAL SHS (Sciences de l’Homme et de la Société)

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Archives ouvertes

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Centre pour la communication scientifique directe

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info:eu-repo/semantics/OpenAccess

Mots-clés En

net gain of investment net gain of investment multidimensional economy nonconvexities

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Trading, Stock Common stocks Stock offerings Stock issues Equity financing Stock trading Common shares Equity capital Shares of stock Equities Social science Sciences, Social Human sciences Social studies Behavioral sciences Property--Law and legislation Case Article Pattern Model Convex regions Convexity Capital assets Fixed assets

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Stefano Bosi et al., « A multidimensional, nonconvex model of optimal growth », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.d505eb...

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In this article, we consider a multidimensional economy where the standardsupermodularity property fails. We generalize the notion of net gain ofinvestment, introduced by Kamihigashi and Roy \cite{KR2007} and applied toone-sector growth models, to the case of multiple capital stocks. We provethe convergence to the set of steady states without relying on themonotonicity of the optimal path. Our approach differs from the standard dynamicprogramming based on convexity or supermodularity. We find that preferencesare key to shaping the economy in the long run.

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