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Rationalizing policy functions by dynamic optimization
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DOI：10.1111/1468-0262.00023.png)
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Abstract
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We derive necessary and sufficient conditions for a pair of functions to be: the optimal policy function and the optimal value function of a dynamic maximization problem with convex constraints and concave objective functional. It is shown that every Lipschitz continuous function can be the solution of such a problem. If the maintained assumptions include free disposal and monotonicity, then we obtain a complete characterization of all optimal policy and optimal value functions. This is the case, e.g., in the standard aggregative optimal growth model.
Keywords:
dynamic optimization
optimal growth theory
rationalizability
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