| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Sustainability and Hamiltonian Value |
| Y. Hossein Farzin
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| 发表日期 | 2002
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| 出处 | Climate Change and Sustainable Development
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| 出版年 | 2002
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| 语种 | 英语
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| 摘要 | The relationships among the Hamiltonian, NNP, and the level of sustainable consumption/utility have been widely misunderstood. This paper dispels the misconceptions and provides further new insight into these relationships. We show generally that for autonomous dynamic optimizing economies, a necessary and sufficient condition for sustainability is the stationarity of the current-value Hamiltonian. For autonomous cases, this stationarity condition generalizes Dixit et al.'s (1980) "zero-net-aggregate-investment" rule of sustainability, which in turn generalizes Solow-Hartwick's sustainability rule. For non-autonomous cases, however, except when the net "pure time effect" is constant over time, the stationarity condition is unfulfilled. In non-autonomous cases, Weitzman's (1976) "stationary equivalence" result does not hold, and the current-value Hamiltonian will underestimate (overestimate) the true welfare level when the net "pure time effect" is positive (negative). However, for the special non-autonomous case of a time-dependent utility discount rate we obtain a condition on the discount rate function that upholds the results obtained for autonomous cases. In turn, this condition extends Michel's (1982) transversality condition for the infinite-horizon autonomous control problems to problems with time dependent discount rates. |
| 特色分类 | D63,Q32,C61
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| 关键词 | Sustainability,current-value Hamiltonian,net national product
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/sustainability-and-hamiltonian-value/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116760
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推荐引用方式
GB/T 7714 |
Y. Hossein Farzin. Sustainability and Hamiltonian Value. 2002.
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文件名：
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NDL2002-048.pdf
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格式：
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Adobe PDF
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