Assessment of the Impact of Aggregated Economic Factors on Optimal Consumption in Models of Economic Growth

Krasovskii AA (2006). Assessment of the Impact of Aggregated Economic Factors on Optimal Consumption in Models of Economic Growth. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-06-050

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Abstract

The problem of consumption-optimal economic growth is considered. In the model there are three factors of production: capital, labor and useful work, that interact in the production of homogenous output. At any instant of time a fraction of this homogeneous output can be allocated to investment in accumulation of capital and useful work. The gross domestic product (GDP) of a country is presented by the linear-exponential (LINEX) production function.

The general goals of the research can be formulated as follows:

-analysis of properties of the LINEX production function and identification of parameters under restrictions on elasticity coefficients;

-analysis of the Hamiltonian system of differential equations for the Pontryagin maximum principle in the optimal control problem;

-elaboration of an algorithm for constructing synthetic trajectories of optimal economic growth;

-development of software for numerical simulation and sensitivity analysis;

-comparison of real and synthetic trajectories of economic growth, and simulation of future scenarios.

Item Type: Monograph (IIASA Interim Report)
Research Programs: Dynamic Systems (DYN)
Young Scientists Summer Program (YSSP)
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:39
Last Modified: 07 Nov 2016 01:34
URI: http://pure.iiasa.ac.at/8048

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