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Turnpike Theorems for a Generalized Leontief Model
Lionel W. McKenzie
Vol. 31, No. 1/2 (Jan. - Apr., 1963), pp. 165-180
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1910955
Page Count: 16
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Theorems are proved on the convergence of efficient paths in certain closed linear models of production to the Neumann ray (of maximal proportional expansion). Radner's theorem is generalized, in the first theorem, to convergence to a facet of the production cone which contains the Neumann ray. Then the weak convergence is extended in the second theorem from convergence to the facet to convergence to the ray itself.
Econometrica © 1963 The Econometric Society