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来源类型	Article
规范类型	其他
DOI	10.1134/S0965542517050050
	Bernoulli substitution in the Ramsey model: Optimal trajectories under control constraints.
	Lebedev PD; Tarasyev AM
发表日期	2017
出处	Computational Mathematics and Mathematical Physics 57 (5): 770-783
出版年	2017
语种	英语
摘要	We consider a neoclassical (economic) growth model. A nonlinear Ramsey equation, modeling capital dynamics, in the case of Cobb-Douglas production function is reduced to the linear differential equation via a Bernoulli substitution. This considerably facilitates the search for a solution to the optimal growth problem with logarithmic preferences. The study deals with solving the corresponding infinite horizon optimal control problem. We consider a vector field of the Hamiltonian system in the Pontryagin maximum principle, taking into account control constraints. We prove the existence of two alternative steady states, depending on the constraints. A proposed algorithm for constructing growth trajectories combines methods of open-loop control and closed-loop regulatory control. For some levels of constraints and initial conditions, a closed-form solution is obtained. We also demonstrate the impact of technological change on the economic equilibrium dynamics. Results are supported by computer calculations.
主题	Ecosystems Services and Management (ESM)
关键词	mathematical modeling, optimal growth problem, Pontryagin’s maximum principle, steady states
URL	http://pure.iiasa.ac.at/id/eprint/14661/
来源智库	International Institute for Applied Systems Analysis (Austria)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/130953
推荐引用方式 GB/T 7714	Lebedev PD,Tarasyev AM. Bernoulli substitution in the Ramsey model: Optimal trajectories under control constraints.. 2017.

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