We aim to generalize the results of Cai and Nitta (2007) by allowing both theutility and production function to depend on time. We also consider anadditional intertemporal optimality criterion. We clarify the conditions underwhich the limit of the solutions for the finite horizon problems is optimalamong all attainable paths for the infinite horizon problems under theovertaking criterion, as well as the conditions under which such a limit is theunique optimum under the sum-of-utilities criterion. The results are applied toa parametric example of the one-sector growth model to examine the impacts ofdiscounting on optimal paths.
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