A dynamic model of optimal investment in research and development with international knowledge spillovers

Aseev SM, Hutschenreiter G, Kryazhimskiy AV, & Lysenko A (2005). A dynamic model of optimal investment in research and development with international knowledge spillovers. Mathematical and Computer Modeling of Dynamical Systems 11 (2): 125-133. DOI:10.1080/1387395050500067361.

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Abstract

We consider a two-country endogenous growth model where an economic follower absorbs part of the knowledge generated in a leading country. To solve a suitably defined infinite horizon dynamic optimization problem an appropriate version of the Pontryagin maximum principle is developed. The properties of optimal controls and the corresponding optimal trajectories are characterized by the qualitative analysis of the solutions of the Hamiltonian system arising through the implementation of the Pontryagin maximum principle.

Item Type: Article
Research Programs: Dynamic Systems (DYN)
Bibliographic Reference: Mathematical and Computer Modeling of Dynamical Systems; 11(2):125-133 (Published online 16 February 2007)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 02:17
Last Modified: 24 Feb 2016 15:28
URI: http://pure.iiasa.ac.at/7508

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