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Concavity and Differentiability of Value Function with CRS Return Functions

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Authors
Song, ByungHo
Issue Date
1996
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 9 (No. 4 1996): 253-268
Keywords
dynamic optimization problem; CRS property; Bellman equation
Abstract
This paper investigates concavity and differentiability of the value function of a dynamic optimization problem when involved functions and correspondences exhibit CRS property. For the purpose, the relationship between the value function and the solution of the associated Bellman equation is investigated beforehand. As a byproduct of these investigations, the followings are obtained: a strictly quasi-concave CRS function is strictly concave when at least one of the independent variable is fixed in a 2 or higher dimensional case, and quasi-concave CRS function is concave.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1089
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.09(4) (Winter 1996)
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