Elements of Numerical Mathematical Economics with Excel

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10.12. Checking the sufficient conditions in Excel

As we mentioned at the beginning of this chapter, the maximum principle represents a set of necessary that in general are not sufficient.

When certain concavity conditions are satisfied these necessary conditions become sufficient for the maximization.

Table 10.11-2

Example 1: steepest descent numerical solution.

Figure 10.11-3 Example 1: optimal path y∗(t).

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