Intertemporal equity and efficient allocation of resources

被引：20
|
作者：
Mitra, T [1 ]
机构：
[1] Cornell Univ, Dept Econ, Ithaca, NY 14853 USA
来源：
JOURNAL OF ECONOMIC THEORY | 2002年 / 107卷 / 02期
关键词：
intertemporal equity; efficiency; Hartwick's rule; terminal cost minimization;
D O I：
10.1006/jeth.2001.2964
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's investment rule, which states that the value of net investment is zero at each date. Our result indicates that Hartwick's rule can help to signal inefficiency of competitive equitable paths. (C) 2002 Elsevier Science (USA).
引用
收藏
页码：356 / 376
页数：21
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