Differentiability of the Value Function of Nonclassical Optimal Growth Models |
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| Authors: | Askri K Le Van C |
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| Institution: | (1) University of Paris-1, Paris, France;(2) CNRS, CEPREMAP, Paris, France |
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| Abstract: | We consider an optimal growth (multi-sector) model with nonconvex technology. Using the Clarke results on generalized gradients, we prove that the value function has left and right derivatives with respect to the initial capital stock, without requiring supermodularity assumptions. |
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| Keywords: | Optimal growth models supermodularity lattices Topkis theorem Bellman equation generalized gradients |
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