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Tuesday, April 28, 2020 | History

2 edition of Paths of optimal accumulation in two-sector models found in the catalog.

Paths of optimal accumulation in two-sector models

Michele Boldrin

Paths of optimal accumulation in two-sector models

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  • 37 Currently reading

Published by Institute for Mathematical Studies in the Social Sciences, Stanford University in Stanford, Calif .
Written in English

    Subjects:
  • Social sciences -- Mathematical models.

  • Edition Notes

    Statementby Michele Bolrin.
    SeriesTechnical report / Institute for Mathematical Studies in the Social Sciences, Stanford University -- no. 502, Economics series / Institute for Mathematical Studies in the Social Sciences, Stanford University, Technical report (Stanford University. Institute for Mathematical Studies in the Social Sciences) -- no. 502., Economics series (Stanford University. Institute for Mathematical Studies in the Social Sciences)
    The Physical Object
    Pagination52 p. ;
    Number of Pages52
    ID Numbers
    Open LibraryOL22410228M

    the conventional models of growth with exhaustible resources. For a wide range of plausible parameter values, he also shows that a set of selected EREs have been substantially under saving. There is similarities between incorporating exhaustible resources and the environmental considerations(e.g. the accumulation of pollution) in the growth models. “A Note on the Existence of an Optimal Capital Accumulation in the Continuous Time Horizon,” Journal of Economic Theory Paths in Neo-Classical Trade Models,” Journal of Economics. , , “Non-Linearity and Business Cycles in a Two-Sector Equilibrium Model: AnFile Size: KB. “Distortions in Two Sector Dynamic Models with Incomplete Specialization” (with Robert Driskill) Asia-Pacific Journal of Accounting and Economics, December , “Economic Take-offs in a Dynamic Process of Globalization,” (with Ronald Jones and Ping Wang), Review of International Economics, February, , The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be.

      This means that the accumulation of capital stocks in the economy identifies automatically the position of the firms within the distribution of the market-to-book ratio. In Figure 4, I show a randomly drawn sample path of the Tobin’s q i, together with the corresponding paths of its conditional expected change and its conditional standard Cited by: 2.


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Paths of optimal accumulation in two-sector models by Michele Boldrin Download PDF EPUB FB2

Corrections. All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cla:uclawpSee general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic. Franz Gehrels' book, Optimal Growth with Many Sectors, teaches us that suitably constructed optimal growth models can also inform us about alternative economic policies directed at research and education, intervention in imperfectly functioning goods and labor markets, exhaustible resource limitations on long-term growth rates, and classic problems in international trade policy, such.

“Sceptical Notes on Uzawa’s ‘Optimal Growth in a Two-Sector Model of Capital Accumulation’, and a Precise Characterization of the Optimal Path.” The Review of Economic Studies –   AbstractWe study the two-sector Robinson-Shinkai-Leontief (RSL) model of discrete-time optimal economic growth for the case of capital-intensive consumption goods.

We frame the model in the context of Nishimura’s oeuvre, and more specifically, relate it to its neoclassical cousin: the Uzawa-Srinivasan continuous-time version studied in Haque, W.

Author: Liuchun Deng, Minako Fujio, M. Ali Khan. Solow[14] explored, with some models, the inter generational problem of optimal capital accumulation by straightforward application of the max-min principle.

Michele Boldrin, "Paths of Optimal Accumulation in Two-Sector Models," UCLA Economics Working PapersUCLA Department of Economics. Olson, Lars J.

& Roy, Santanu, "Theory of Stochastic Optimal Economic Growth," Working PapersUniversity of Maryland, Department of Agricultural and Resource Economics. Darong Dai, This study presents a two-sector optimal growth model with Cobb-Douglas production functions in which optimal dynamics exhibits sharp non-linearity giving rise to cyclical optimal paths.

This result demonstrates that such optimal paths may appear for any value of the discount factor of future by: In the existing literature, two types of models are known to have chaotic optimal paths.

The examples of Denerckere and Pelikan (), Boldrin and Montrucchio (b) and Boldrin and Deneckere () are based on two-sector models while that of Majumdar and Mitra (Chapter 3) Cited by: Paths of optimal accumulation in two-sector models by Michele Boldrin 1 edition Subjects.

Intellectual property, Mathematical models, Monopolies, Technological innovations, Business cyclesAccessible book, Aspect économique, Business, Business & Economics, Business / Economics / Finance.

“Paths of Optimal Accumulation in a Two--Sector Model”, in t et al. (eds.) Economic Complexity: Chaos, Sunspots, Bubbles and Nonlinearity, Cambridge, Cambridge University Press, 6. “Sources of Complex Dynamics in Two--Sector Models” (with ere), Journal of Economic Dynamics and Control, 14 ().

Biography. David Cass was born in in Honolulu, earned an A.B. in economics from the University of Oregon in and started to study law at the Harvard Law School as he thought of becoming a lawyer according to family tradition. As he hated studying law he left the program after one year and served in the army from to The properties of the optimal growth path are investigated in a two-sector economy model.

The objective is the attainment of the von Neumann path in minimum time, and the optimal strategy is given. In order to characterize and establish the optimality of the path, an extensive use. Multisector Capital Accumulation Models The von Neumann and Malinvaud Models ; The Feasible Correspondence ; The Existence and Sensitivity of Optimal Paths The Maximum Theorem ; Optimal Paths ; Recursive Dynamic Programming Dynamic Programming with TAS Utility ; Recursive Utility and Multisector Models.

whether the two-sector and multi-sector optimal growth models could explain properly the economic development based on the empirical data. Although we have witnessed fairly active theoretical research on two-sector and multi-sector growth models in the s and recent years, R.

Solow has thrown doubt on the capital-intensities in Solow (). Search the catalogue for collection items held by the National Library of Australia New Search eResources User Lists Feedback Help Collection Delivery Times Visitor Update: COVID Ask a Librarian Due to the need to contain the spread of coronavirus (COVID) the Library building and reading rooms are closed to visitors until further notice.

In this paper, we study a two-sector CES economy with sector-specific externality as described by Nishimura and Venditti [5]. We characterize the equilibrium paths in the case that allows negative externality as that equlibrium paths were not explicitly discussed by Nishimura and Venditti.

Deterministic models. Sensitivity of optimal growth paths with respect to a change in target stocks / William A. Brock --On some unresolved questions in capital theory: an application of Samuelson's correspondence principle / Edwin Burmeister and Ngo Van long --Comparative dynamics in aggregate models of optimal capital accumulation / Robert A.

ESSAY VII Global Asymptotic Stability of Optimal Control Systems with Applications to the Theory of Economic Growth* WILLIAM A. BROCK AND JOSÉ A. SCHEINKMAN 1 The qualitative study of optimal economic growth has attracted the attention of economic theorists for some number of by: Economic complexity: chaos, sunspots, bubbles, and nonlinearity: proceedings of the Fourth International Symposium in Economic Theory and Econometrics.

Paths of optimal accumulation in two-sector models Michele Boldrin Economic growth in the very long run: on the multiple-phase interaction of population, technology, and social. Comparison with basic model 84 Public and private capital 85 Role of public capital: conclusions 5 Two-sector growth models Introduction The model Determination of macroeconomic equilibrium Structural changes Transitional dynamics Conclusions 6 Non-scale growth models Introduction Small open.

The models are in the framework of system analysis providing an instrument for predicting effects of candidate actions and may thus be used to select an optimal control of a system in consideration. Modelling in the field of socio-economic system have however not yet reached the level, where reliable and accurate predictions may be given.

INTRODUCTION TO DEVELOPMENT ECONOMICS (2): EARLY POSITIVE MODELS OF DEVELOPMENT Plan of Lecture A. Distinctions of Early Positive Development Economics B. Development as a Resource Reallocation Issue and Structuralism: The Lewis Two-Sector Model C.

Development as a Resource Accumulation Issue and Growth: The Harrod-Domar Growth ModelFile Size: KB. as a constant over time), the normative models derived time-varying savings rates from the optimization of an intertemporal social welfare function. There were mainly two variants of such normative models: one-sector models (e.g., Koopmans ; Cass ).

Theories of Development (and review of technological change). 1) Structural Transformation 2) Growth Theory based on capital accumulation. 3) Growth Theory based on coordination issues. First, let us review the basics of production functions and technological change.

(appendix ) Production Function.- Y = f(K, L) – note KLEM Size: KB. The book provides extensive coverage of optimal growth (including endogenous growth), dynamic competitive equilibria, nonlinear dynamics, and monotone comparative dynamics.

It is addressed to all researchers in economic growth, and will be useful to professional. Our book contains over 80 major examples as well as numerous in-text examples. Chapter 1. Example 1: The Ramsey Problem; Example 2: Endogenous Uncertain Lifetimes.

III. Two-Sector Models A. Physical and Human Capital with CRS: Lucas () I (i) Setup: max s.t. (ii) Key: linear education evolution to simplify the analysis (simplified Uzawa) (iii) Solution with Cobb-Douglas Production: (CE = PO) Only education matters (goods production technology does not matter).

This is a very stimulating book. It is crowded with new ideas, on only a of the most interesting is Professor Bruno's paper on optimal accumulation with a discrete technology. Bruno first analyses a simple two-sector single-technique model with one capital good, then introduces alternative activities.

Macroeconomic Theory II Homework 1 - Solution Professor Gianluca Violante, TA: Diego Daruich New York University Spring 1 Problem 1 Consider a two-sector version of the neoclassical growth model, where one sector produces the consumption good c t with technology c t = zcf(kc;nc) and the other sector produces the investment good i t with File Size: KB.

The Neumann-McKenzie facet of two-sector optimal growth models. As described in Section 1, the results of the consumption turnpike theory based on a reduced-form model have hardly been applied to general neoclassical optimal growth theories except in the studies of Benhabib and Nisimura (a, b), and Yano().

Back. Amano () "A Further Note on Professor Uzawa's Two-Sector Model of Economic Growth", Review of Economic Studies, Vol. 31, p E. Burmeister () "The Role of the Jacobian Determinant in the Two-Sector Model", International Economic Review, Vol.

9 (2), p E. Burmeister and A.R. Dobell () Mathematical Theories of Economic Growth. In the case of competitive equilibrium that is Pareto Op- timal, the convergence is to a balanced path of optimal capital accumulation which is optimal, given the welfare function determined by the market equilibrium.

However, the proofs of these results have involved features special to. Overlapping Generations Model. BIBLIOGRAPHY. Like other economic models, an overlapping generations model (or as it is widely known, an OLG model) is a simplified theoretical representation of complicated economic processes through a set of identities and equations that describe the behavior of various agents interacting with each other.

ACCUMULATION, AND ECONOMIC GROWTH J 7 Basic model of foreign aid Introduction The analytical framework Long-run effects of transfers and fiscal shocks Optimal responses Numerical analysis of transitional paths Temporary transfers Conclusions 8 Foreign aid, capital accumulation, and. From Our Blog.

National Epidemics, Then and Now. Our current COVID crisis isn’t the first time this nation has faced an epidemic. Lindsay M. Chervinsky, author of The Cabinet: George Washington and the Creation of an American Institution, tells about the yellow fever outbreak that our country faced in its capital during its early years—and how our first president responded.

“Efficient Capital Accumulation in Infinite Horizon Models” “Characterization of the Turnpike Property of Optimal Paths in 9. “Discounted Optimal Growth in the Two-Sector RSS Model: A Geometric Investigation” (with M. Ali Khan), Advances in Mathematical.

(28) Consider the following two-sector model of optimal growth. A planner seeks to maximize the utility of the representative agent given by P∞ t=0 β tu(c t), where ct is consumption of good 1 at 1pro-duces consumption goods using capital, k1t,andlabor,n1t, according to the production function, ct ≤f1(k1t,n1t).

Sector 2 produces. four-sector models which may have been influential in drawing up the Plan.1 The two-sector model, reminiscent of the Foidman model,2 was used to demonstrate the relations between the allocation of investment between the sectors and the over-all growth rate.

It distinguishes con-sumer goods and investment goods, the latter usable to create capacityCited by: C "Optimal Paths of Capital Accumulation Unde r the Minimum Time Objective," Econometrica (January ); C "Investment, Dividend, and External Finance Behavior of Firms" (with P.

Dhrymes), in Determinants of Investment Behavior, Universities-National. Since two-sector models and activity analysis do not play a relevant role in this narrative, the contributions coming from the MIT – from Solow and his advisees – are sufficient to cover the entire relation between the beginning of growth theory in the decade and optimal growth theory in.

Boldrin, Michele. "Paths of Optimal Accumulation in Two-Sector Models." In Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity, edited by William Barnett, John Geweke, and Karl Shell. Cambridge: Cambridge Univ. Press, Cass, David.

"Optimum Growth in an Aggregative Model of Capital Accumu- lation.".The endogenous growth models emphasise technical progress resulting from the rate of investment, the size of the capital stock, and the stock of human capital. ADVERTISEMENTS: The new growth theories are based on the following assumptions: 1.

There are many firms in a market. 2. Knowledge or technological advance is a non-rival good.This review develops an integrated baseline model to assess the trade-offs between the natural environment and economic growth.

Consumption growth is considered in terms of both welfare and sustainability. The framework features capital accumulation and the sectoral structure of the economy as key elements to cope with resource scarcity and by: 3.