One-Sector Nonclassical Optimal Growth: Optimality Conditions and Comparative Dynamics
研究单部门非经典最优增长模型，使用凸凹生产函数，给出贝尔曼方程内部最大值的欧拉方程和二阶条件（边际消费倾向小于1），并推导比较动态结果，如贴现因子增加时最优消费选择下移。
The authors consider a one-sector nonclassical model of optimal economic growth, characterized by a convex-concave production function. They provide, in a dynamic-programming context, a characterization of all local (interior) maximum of the miximand of the Bellman equation. These conditions are the Euler equation and a second order condition, namely, that the marginal propensity to consume is less than one. An example is used to illustrate these conditions. Also, several comparative dynamic results are derived. In particular, it is shown that the maximum and minimum selections out of the optimal consumption correspondence shift down as the discount factor increases. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.