We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
TURNPIKE THEOREM IN A GENERALIZED DYNAMIC INPUT-OUTPUT SYSTEM.
- Authors
Tsukui, Jinkichi
- Abstract
A strong type of turnpike theorem is proved for a planning model of a generalized dynamic Leontief system in which each industry has a polyhedral technology. Also, a dual turnpike theorem is proved for the shadow price of the original problem. This dual theorem shows the turnpike-like property of the shadow price with respect to the Neumann price ray. As a synthesis of the turnpike theorem and its dual, it is shown that all efficient paths of stocks are exactly on the so-called Neumann facet for most of the planning period in the case of polyhedral technology. McKenzie's recent results are utilized in the course of the argument.
- Subjects
TURNPIKE theory (Economics); ECONOMIC development; ECONOMIC policy; INPUT-output analysis; STOCKS (Finance); ECONOMICS; ECONOMETRICS; MATHEMATICAL economics; PRICES
- Publication
Econometrica, 1966, Vol 34, Issue 2, p396
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/1909940