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Capital accumulation optimal in the final state. (English) Zbl 0329.90013
Summary: The turnpike theorem for paths of accumulation in the von Neumann model which optimize final stocks is extended to general convex technologies. It is shown that optimal paths converge to a facet of the production cone, the von Neumann facet, on which there lies a path of maximal balanced growth for certain relevant goods. Then the asymptotic results are extended to a subset of the facet, which in many cases will be the path of maximal balanced growth itself, the von Neumann ray.

MSC:
91B60 Trade models
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