The Global Stability of Efficient Intertemporal Allocations
构建了一个包含有限消费者和资本品的连续时间经济模型，通过递归效用函数分析动态经济中的有效配置，证明了两种全局大道定理，为长期财富分配模型提供基础，并对基于加性效用的稳定性文献提出新见解。
This paper describes a continuous time model of an economy with finitely many infinitely-lived consumers and a finite number of capital goods. Two objectives are achieved. First, recursive (nonadditive) utility functionals are formulated and analyzed. Second, these preference functionals are applied to analyze the nature of efficient allocations in a dynamic economy. Two classes of global turnpike propositions are proven which provide the basis for a model of the long-run distribution of wealth. These propositions also provide new perspective regarding existing stability literature based on additive utilities. Copyright 1987 by The Econometric Society.