Nonlinear stabilizers of economic growth under exhausting energy resources

Ayres RU, Krasovskii AA, & Tarasyev AM (2009). Nonlinear stabilizers of economic growth under exhausting energy resources. In: Proceedings of CAO'09: IFAC Workshop on Control Applications of Optimisation, 6-8 May 2009.

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Abstract

The paper is devoted to the model of the optimal economic growth with the exogenous dynamics of the energy factor. The research is based on the real data representing main macroeconomic indicators of the US economy. These indicators are GDP and three production factors: capital, labor and useful work. The specific production function is implemented in the model to express the relationship between factors of production and the quantity of output produced. The trends of the economy's growth are analyzed by means of the dynamic model which formalizes the process in the mathematical optimal control problem. This problem is solved using the version of the Pontryagin maximum principle, elements of the qualitative theory of differential equations and methods of differential games. A nonlinear stabilizer is proposed for constructing synthetic trajectories of economic growth. Numerical experiments are fulfilled via elaborated software. The comparison of optimal trajectories and real trends are presented. Based on the model simulations the scenarios of future growth are discussed.

Item Type: Conference or Workshop Item (UNSPECIFIED)
Uncontrolled Keywords: Economic design; Optimization problems; Steady-state stability; Feedback stabilization; Numerical simulation
Research Programs: Dynamic Systems (DYN)
Bibliographic Reference: In:; Proceedings of CAO'09: IFAC Workshop on Control Applications of Optimisation; 6-8 May 2009, University of Jyvaeskylae, Agora, Finland
Depositing User: IIASA Import
Date Deposited: 15 Jan 2016 08:42
Last Modified: 17 Feb 2016 12:31
URI: http://pure.iiasa.ac.at/9053

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