The economics of orchards: An exercise in point-input, flow-output capital theory
研究点投入流产出资本模型中，当未来效用被贴现时最优跨期规划的性质，证明除唯一稳态外，最优路径不收敛，并给出邻域大道定理成立的条件。
This paper is concerned with the qualitative properties of optimal intertemporal programs in a model of point-input flow-output capital theory, when future utilities are discounted. Under a mild condition on the flow-output vector, we establish that optimal programs for every discount factor and every initial state (other than a unique stationary optimal state) will exhibit non-convergence. Furthermore, we provide a necessary and sufficient condition on the flow-output vector for which a neighborhood turnpike theorem holds; that is, long-run fluctuations on an optimal program are “small” when the discount factor is “close” to unity.