Assuming an interior solution, the Euler Conditions for the optimal paths cu, mu and yu are given by um^muKj (15.8) it (c, , m ) uc(cu, mu) We may solve the differential equation (15.9) to obtain u =i2 ne 0 (15.10) c, u c, Ad v a#39; where Uc u is the valueanbsp;...

Title | : | Essays in Public Economics |

Author | : | Agnar Sandmo |

Publisher | : | Houghton Mifflin College Division - 1978 |

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