Differentiability of the value function of nonclassical optimal growth models

We consider an optimal growth (multi-sector) model with nonconvex technology. Using the Clarke results on generalized gradients, we prove that the value function has left and right derivatives with respect to the initial capital stock, without requiring supermodularity assumptions.

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Published in:Journal of optimization theory and applications 1998-06, Vol.97 (3), p.591-604
Main Authors: ASKRI, K, LE VAN, C
Format: Article
Language:English
Subjects:
Applied sciences
Economics
Exact sciences and technology
General aspects
Growth models
Operational research and scientific management
Operational research. Management science
Optimization. Search problems
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cited_by cdi_FETCH-LOGICAL-c327t-ceb632178b71d6c97b58d9202beba9b1177c9354fe8c7aaba37b0836dc9b0a03
cites cdi_FETCH-LOGICAL-c327t-ceb632178b71d6c97b58d9202beba9b1177c9354fe8c7aaba37b0836dc9b0a03
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description We consider an optimal growth (multi-sector) model with nonconvex technology. Using the Clarke results on generalized gradients, we prove that the value function has left and right derivatives with respect to the initial capital stock, without requiring supermodularity assumptions.
doi_str_mv 10.1023/A:1022690009338
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source ABI/INFORM global; Springer Nature
subjects Applied sciences
Economics
Exact sciences and technology
General aspects
Growth models
Operational research and scientific management
Operational research. Management science
Optimization. Search problems
title Differentiability of the value function of nonclassical optimal growth models
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