The Norm of a Closed Technology and the Straight-Down-the-Turnpike Theorem.
Expert InsightsPublished 1966
An attempt to distinguish between classes of exceptions to the usual turnpike theorems of maximal economic growth and to show the mathematical unity underlying the diversity of turnpike theorems in econometrics. The turnpike theorem requires that the asymptotic return locus touch the transformation surface only at the eventual output point. The straight-down-the-turnpike theorem demands that it touch the transformation surface only at a point where the latter touches the isoquant.
Document Details
- Copyright: RAND Corporation
- Availability: Web Only
- Year: 1966
- Pages: 37
- Document Number: P-3454
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