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Optimality Criteria of Economic Growth as Examples of Optimal Resource Allocation Over Time

El-Hodiri, Mohamed Ali - 2015

the integral defining the optimality criterion. Optimal programs were characterized in terms of market equilibria at each … of centralization of planning and decentralization of implementation (this closely relates to polycenterism advocated by …

Persistent link: https://www.econbiz.de/10013030147

Numerical Algorithms for Deterministic Impulse Control Models with Applications

Grass, Dieter - 2012

In this paper we describe three different algorithms, from which two (as far as we know) are new in the literature. We take both the size of the jump as the jump times as decision variables. The first (new) algorithm considers an Impulse Control problem as a (multipoint) Boundary Value Problem...

Persistent link: https://www.econbiz.de/10013099159

The Deterministic Impulse Control Maximum Principle in Operations Research : Necessary and Sufficient Optimality Conditions

Chahim, Mohammed - 2011

necessary optimality conditions of the Impulse Control Maximum Principle based on the current value formulation. By reviewing … is that the corresponding problem in principle has multiple solutions that satisfy the necessary optimality conditions …. Moreover, we argue that problems with fixed cost do not satisfy the conditions under which the necessary optimality conditions …

Persistent link: https://www.econbiz.de/10013125670

Non-Existence of Optimal Programs in Continuous Time

Fabbri, Giorgio - 2016

We report an example of a two-dimensional undiscounted convex optimal growth model in continuous time in which, although there is a unique “golden rule”, no overtaking optimal solutions exists in a full neighbourhood of the steady state. The example confirms a conjecture advanced in 1976...

Persistent link: https://www.econbiz.de/10012984082

Infrastructure Shortage : A Gap Approach

Albala-Bertrand, José Miguel - 2002

We propose a method to estimate both whether there is an overall infrastructure shortage and the optimal share of infrastructure in gross fixed capital formation (GFCF). This is based on a two-gap model and linear programming, and is illustrated with the case of Mexico (1950-1985). The results...

Persistent link: https://www.econbiz.de/10014181595

An Optimal Solution to a Resource Allocation Problem under COVID-19 Financial Constraints

Kamdem, Bruno - 2021

optimal solution under the constraints created by COVID-19. The optimality conditions and KKT conditions are derived under a …

Persistent link: https://www.econbiz.de/10013214164

Solving the discrete-time stochastic Ramsey model

Elbers, Chris - 2009

This note describes methods for solving deterministic and stochastic versions of the discrete-time Ramsey model of economic growth. We derive an iterative procedure for solving the Euler equation and apply it to an example adapted from Pan (2007).

Persistent link: https://www.econbiz.de/10011377604

From simple growth to numerical simulations : a primer in dynamic programming

Femminis, Gianluca - 2016

These notes provide an intuitive introduction to dynamic programming. The first two Sections, which can be skipped, present the standard deterministic Ramsey model using the Lagrangian approach. Section 3 reformulates the Ramsey problem by means of a Bellman equation, while Section 4 shows how...

Persistent link: https://www.econbiz.de/10011776117

Capital growth under transaction costs : an analysis based on the von Neumann-Gale model

Bahsoun, Wael; Evstigneev, Igor V.; Taksar, Michael I. - 2008

In the recent work of Dempster, Evstigneev and Taksar (2006) it has been shown that the von Neumann-Gale model of economic dynamics can serve as a convenient and natural framework for the analysis of questions of asset pricing and hedging under transaction costs. The present article focuses on a...

Persistent link: https://www.econbiz.de/10003961438

On development paths minimizing the aggregate labor-reallocation costs in the threesector framework and an application to structural policy

Stijepic, Denis - 2019

Cross-sector labor reallocation is associated with costs at the micro level ranging from the costs of geographical relocation and skill change/adaptation to unemployment. We show that monotonous reallocation paths minimize the aggregate reallocation costs in the three-sector framework (relating...

Persistent link: https://www.econbiz.de/10012265652