{"id":8805,"date":"2022-07-27T06:34:08","date_gmt":"2022-07-27T06:34:08","guid":{"rendered":"https:\/\/depocen.org\/publications\/non-convex-aggregate-technology-and-optimal-economic-growth\/"},"modified":"2022-07-27T06:34:08","modified_gmt":"2022-07-27T06:34:08","slug":"non-convex-aggregate-technology-and-optimal-economic-growth","status":"publish","type":"publications","link":"https:\/\/depocen.org\/en\/publications\/non-convex-aggregate-technology-and-optimal-economic-growth\/","title":{"rendered":"Non-convex Aggregate Technology and Optimal Economic Growth."},"content":{"rendered":"<p>This paper examines a model of optimal growth where the aggregation of two separate well behaved and concave production technologies<br \/>\nexhibits a basic non-convexity. First, we consider the case of strictly<br \/>\nconcave utility function: when the discount rate is either low enough or<br \/>\nhigh enough, there will be one steady state equilibrium toward which<br \/>\nthe convergence of the optimal paths is monotone and asymptotic.<br \/>\nWhen the discount rate is in some intermediate range, we find sufficient conditions for having either one equilibrium or multiple equilibria<br \/>\nsteady state. Depending to whether the initial capital per capita is located with respect to a critical value, the optimal paths converge to<br \/>\none single appropriate equilibrium steady state. This state might be a<br \/>\npoverty trap with low per capita capital, which acts as the extinction<br \/>\nstate encountered in earlier studies focused on S-shapes production<br \/>\nfunctions. Second, we consider the case of linear utility and provide<br \/>\nsufficient conditions to have either unique or two steady states when<br \/>\nthe discount rate is in some intermediate range . In the latter case, we<br \/>\ngive conditions under which the above critical value might not exist,and the economy attains one steady state in ?nite time, then stays at<br \/>\nthe other steady state afterward.<\/p>\n","protected":false},"featured_media":0,"template":"","cate_publications":[],"author_publications":[1556,1560,1614,1615,1616,1617],"topic_publications":[],"class_list":["post-8805","publications","type-publications","status-publish","hentry","author_publications-cuong-le-van","author_publications-cuong-le-van-en","author_publications-n-m-hung","author_publications-p-michel","author_publications-n-m-hung-en","author_publications-p-michel-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/publications\/8805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/types\/publications"}],"wp:attachment":[{"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/media?parent=8805"}],"wp:term":[{"taxonomy":"cate_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/cate_publications?post=8805"},{"taxonomy":"author_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/author_publications?post=8805"},{"taxonomy":"topic_publications","embeddable":true,"href":"https:\/\/depocen.org\/en\/wp-json\/wp\/v2\/topic_publications?post=8805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}