Sustainability and Hamiltonian value

摘要: The relationships among the Hamiltonian, NNP, and level of sustainable consumption/utility have been widely misunderstood. This paper dispels misconceptions provides further new insight into these relationships. We show generally that for autonomous dynamic optimizing economies, a necessary sufficient condition sustainability is stationarity current-value Hamiltonian. For cases, this generalizes Dixit et al.'s (1980) "zero-net-aggregate-investment" rule sustainability, which in turn Solow-Hartwick's rule. non-autonomous however, except when net "pure time effect" constant over time, unfulfilled. In Weitzman's (1976) "stationary equivalence" result does not hold, Hamiltonian will underestimate (overestimate) true welfare positive (negative). However, special case time-dependent utility discount rate we obtain on function upholds results obtained cases. turn, extends Michel's (1982) transversality infinite-horizon control problems to with dependent rates.