Econometrica: May 1980, Volume 48, Issue 4
Generalized Solutions to Continuous-Time Allocation Processes
Zvi ArtsteinMeasures, incorporating the utility stream, serve as generalized plans to continuous allocation processes. The paper establishes the automatic existence of optimal plans, characterization of optimal solutions by a multiplier-type condition, and representation of generalized plans as sums of ordinary ones and singular measures. The latter can, in particular, be chosen as a finite combination of atoms.
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