Download or read book Vintage Capital and the Dynamics of the AK written by Raouf Boucekkine and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Vintage Capital AK Dynamics written by Raouf Boucekkine and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Vintage Capital and the Dynamics of the AK Model written by Raouf Boucekkine and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Vintage Capital in the AK Growth Model written by Giorgio Fabbri and published by . This book was released on 2008 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical diamp;fficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model. We explicitly amp;find the value function, the closed loop formula that relates capital and investment, the optimal consumption paths and the long run equilibrium. The short run amp;fluctuations of capital and investment andthe relations with the standard AK model are analyzed. Finally the applicability to other models s also discussed.
Download or read book Dynamic Programming Maximum Principle and Vintage Capital written by Giorgio Fabbri and published by . This book was released on 2007 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present an application of the Dynamic Programming (DP) and of the Maximum Principle (MP) to solve an optimization over time when the production function is linear in the stock of capital (Ak model). Two views of capital are considered. In one, which is embraced by the great majority of macroeconomic models, capital is homogenous and depreciates at a constant exogenous rate. In the other view each piece of capital has its own amp;finite productive life cycle (vintage capital). The interpretation of the time patterns of macroaggregates is quite different betweeen the two cases. A technological shock generates an oscillatory movement in the time pattern of per capita output when capital has a vintage structure; conversely an instantaneous adjustment with no transitional dynamics occurs when capital is homogenous.From a methodological point of view it emerges that the DP approach delivers sharper results than the MP approach (for instance it delivers a closed form solution for the optimal investment strategy) under slacker parameter restrictions.Cross-time and cross-country data on investments, income, and consumption drawn from the Penn World Table version 6.2 are used to evaluate the vintage and standard Ak model.
Download or read book Solving Optimal Growth Models with Vintage Capital the Dynamic Programming Approach written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [R. Boucekkine, O. Licandro, L.A. Puch, F. del Rio, Vintage capital and the dynamics of the AK model, J. Econ. Theory 120 (1) (2005) 39-72]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model. We explicitly find the value function, the closed loop formula that relates capital and investment, the optimal consumption paths and the long run equilibrium. The short run fluctuations of capital and investment and the relations with the standard AK model are analyzed. Finally the applicability to other models is also discussed.
Download or read book An Analysis of the Dynamics of the Vintage Capital written by Lijia Mo and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the route by which aggregate shocks impact vintage capital distribution and aggregate employment by changing the fraction of plants that choose to adjust. Neutral technological shocks increase job reallocation and aggregate employment. The increasing adjustment hazard affects job reallocation by impacting the marginal product of capital for all vintage; therefore, capital circulates from the updated sector null to the old sector one. As a result, labors in the old sector with old technology are endowed with more capital, which boosts their productivity and relative wages, the labors in the old sector increases. Aided by endogenous adjustment ratios, one can view the vintage capital model in a new perspective.
Download or read book Economic Growth and Development written by Olivier La Grandville and published by Emerald Group Publishing. This book was released on 2011-12-12 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the very beginnings of economics as a science, which might be dated from Ibn Khaldun's "Introduction to History" (1377), the challenge of making societies escape from poverty and attain some degree of prosperity has always been, and can remain, a fundamental issue. This book presents research on each of these issues.
Download or read book Optimal Control of Age structured Populations in Economy Demography and the Environment written by Raouf Boucekkine and published by Routledge. This book was released on 2013-05-13 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers a wide range of topics within mathematical modelling and the optimization of economic, demographic, technological and environmental phenomena. Each chapter is written by experts in their field and represents new advances in modelling theory and practice. These essays are exemplary of the fruitful interaction between theory and practice when exploring global and local changes. The unifying theme of the book is the use of mathematical models and optimization methods to describe age-structured populations in economy, demography, technological change, and the environment. Emphasis is placed on deterministic dynamic models that take age or size structures, delay effects, and non-standard decision variables into account. In addition, the contributions deal with the age structure of assets, resources, and populations under study. Interdisciplinary modelling has enormous potential for discovering new insights in global and regional development. Optimal Control of Age-structured Populations in Economy, Demography, and the Environment is a rich and excellent source of information on state-of-the-art modelling expertise and references. The book provides the necessary mathematical background for readers from different areas, such as applied sciences, management sciences and operations research, which helps guide the development of practical models. As well as this the book also surveys the current practice in applied modelling and looks at new research areas for a general mathematical audience. This book will be of interest primarily to researchers, postgraduate students, as well as a wider scientific community, including those focussing on the subjects of applied mathematics, environmental sciences, economics, demography, management, and operations research.
Download or read book Dynamic Systems Economic Growth and the Environment written by Jesús Crespo Cuaresma and published by Springer Science & Business Media. This book was released on 2009-10-20 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The major goal of the book is to create an environment for matching different d- ciplinary approaches to studying economic growth. This goal is implemented on the basis of results of the Symposium “Applications of Dynamic Systems to E- nomic Growth with Environment” which was held at the International Institute for Applied Systems Analysis (IIASA) on the 7th–8th of November, 2008, within the IIASA Project “Driving Forces of Economic Growth” (ECG). The symposium was organized by coordinators of the ECG project: Jesus Crespo-Cuaresma from IIASA World Population Program, and Tapio Palokangas and Alexander Tarasyev from IIASA Dynamic Systems Program. The book addresses the issues of sustainability of economic growth in a cha- ing environment, global warming and exhausting energy resources, technological change, and also focuses on explanations of signi?cant ?uctuations in countries’ growth rates. The chapters focus on the analysis of historical economic growth - periences in relation to environmental policy, technological change, development of transport infrastructure, population issues and environmental mortality. The book is written in a popular-science style, accessible to any intelligent lay reader. The prime audience for the book is economists, mathematicians and en- neersworkingonproblemsofeconomicgrowthandenvironment.Themathematical part of the book is presented in a rigorous manner, and the detailed analysis is - pected to be of interest to specialists in optimal control and applications to economic modeling. The book consists of four interrelated parts.
Download or read book Free and Moving Boundaries written by Roland Glowinski and published by CRC Press. This book was released on 2007-06-06 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing algebraic problems found in biomathematics and energy, Free and Moving Boundaries: Analysis, Simulation and Control discusses moving boundary and boundary control in systems described by partial differential equations (PDEs). With contributions from international experts, the book emphasizes numerical and theoretical control of mo
Download or read book Macroeconomic Modelling of R D and Innovation Policies written by Ufuk Akcigit and published by Springer Nature. This book was released on 2021-11-03 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book encompasses a collection of in-depth analyses showcasing the challenges and ways forward for macroeconomic modelling of R&D and innovation policies. Based upon the proceedings of the EC-DG JRC-IEA workshop held in Brussels in 2017, it presents cutting-edge contributions from a number of leading economists in the field. It provides a comprehensive overview of the current academic and policy challenges surrounding R&D as well as of the state-of-the-art modelling techniques. The book brings to the forefront outstanding issues related to the assessment of the macroeconomic impact of R&D policies and its modelling. It speaks to the rising importance of R&D and innovation policy, and the proliferation of macroeconomic models featuring endogenous technological change. The contents of this book will be of interest to both academic and policy audiences working in the fields of R&D and innovation.
Download or read book Putty putty Two Sector Vintage Capital Growth Models written by Brett D. Berger and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mathematics of Planet Earth written by Hans Kaper and published by SIAM. This book was released on 2015-03-31 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our planet faces many challenges. In 2013, an international partnership of more than 140 scientific societies, research institutes, and organizations focused its attention on these challenges. This project was called Mathematics of Planet Earth and featured English- and French-language blogs, accessible to nonmathematicians, as part of its outreach activities. This book is based on more than 100 of the 270 English-language blog posts and focuses on four major themes: A Planet to Discover; A Planet Supporting Life; A Planet Organized by Humans; A Planet at Risk.--[Source inconnue].
Download or read book Stochastic Optimal Control in Infinite Dimension written by Giorgio Fabbri and published by Springer. This book was released on 2017-06-22 with total page 928 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing an introduction to stochastic optimal control in infinite dimension, this book gives a complete account of the theory of second-order HJB equations in infinite-dimensional Hilbert spaces, focusing on its applicability to associated stochastic optimal control problems. It features a general introduction to optimal stochastic control, including basic results (e.g. the dynamic programming principle) with proofs, and provides examples of applications. A complete and up-to-date exposition of the existing theory of viscosity solutions and regular solutions of second-order HJB equations in Hilbert spaces is given, together with an extensive survey of other methods, with a full bibliography. In particular, Chapter 6, written by M. Fuhrman and G. Tessitore, surveys the theory of regular solutions of HJB equations arising in infinite-dimensional stochastic control, via BSDEs. The book is of interest to both pure and applied researchers working in the control theory of stochastic PDEs, and in PDEs in infinite dimension. Readers from other fields who want to learn the basic theory will also find it useful. The prerequisites are: standard functional analysis, the theory of semigroups of operators and its use in the study of PDEs, some knowledge of the dynamic programming approach to stochastic optimal control problems in finite dimension, and the basics of stochastic analysis and stochastic equations in infinite-dimensional spaces.
Download or read book Continuous Time Modeling in the Behavioral and Related Sciences written by Kees van Montfort and published by Springer. This book was released on 2018-10-11 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique book provides an overview of continuous time modeling in the behavioral and related sciences. It argues that the use of discrete time models for processes that are in fact evolving in continuous time produces problems that make their application in practice highly questionable. One main issue is the dependence of discrete time parameter estimates on the chosen time interval, which leads to incomparability of results across different observation intervals. Continuous time modeling by means of differential equations offers a powerful approach for studying dynamic phenomena, yet the use of this approach in the behavioral and related sciences such as psychology, sociology, economics and medicine, is still rare. This is unfortunate, because in these fields often only a few discrete time (sampled) observations are available for analysis (e.g., daily, weekly, yearly, etc.). However, as emphasized by Rex Bergstrom, the pioneer of continuous-time modeling in econometrics, neither human beings nor the economy cease to exist in between observations. In 16 chapters, the book addresses a vast range of topics in continuous time modeling, from approaches that closely mimic traditional linear discrete time models to highly nonlinear state space modeling techniques. Each chapter describes the type of research questions and data that the approach is most suitable for, provides detailed statistical explanations of the models, and includes one or more applied examples. To allow readers to implement the various techniques directly, accompanying computer code is made available online. The book is intended as a reference work for students and scientists working with longitudinal data who have a Master's- or early PhD-level knowledge of statistics.
Download or read book Convergence in Neoclassical Vintage Capital Growth Models written by Brett D. Berger and published by . This book was released on 2001 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
