Article ID: | iaor20001788 |
Country: | United States |
Volume: | 101 |
Issue: | 3 |
Start Page Number: | 651 |
End Page Number: | 676 |
Publication Date: | Jun 1999 |
Journal: | Journal of Optimization Theory and Applications |
Authors: | Marena M., Montrucchio L. |
Keywords: | turnpike sets |
A neighborhood turnpike theorem is proved for continuous-time, infinite-horizon optimization models with positive discounting. Our approach is a primal one and no differentiability assumption is made. The basic hypothesis is a condition of uniform concavity at the point defining the undiscounted steady state. The main novelty here is that we formulate the theorem by taking the undiscounted steady state as the turnpike.