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Delay equivalence in capital accumulation models

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  • Caulkins, Jonathan P.
  • Hartl, Richard F.
  • Kort, Peter M.

Abstract

Abstract We study delays in capital accumulation models. Our contribution is threefold. First, we identify a class of models that can be transformed into standard optimal control models without delay. Second, in the single state versions of these models the state trajectory is monotonic in the optimal solution. This is noteworthy given the common belief that adding delays facilitates oscillatory behavior of capital, output and investment. Third, we identify an equivalence result between time-to-install/deliver problems and time-to-build problems.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 46 (2010)
Issue (Month): 6 (November)
Pages: 1243-1246

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Handle: RePEc:eee:mateco:v:46:y:2010:i:6:p:1243-1246

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Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Capital accumulation Delayed response Time-to-build Time-to-install/deliver Optimal control;

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  1. Benhabib, Jess & Rustichini, Aldo, 1991. "Vintage capital, investment, and growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 55(2), pages 323-339, December.
  2. Hartl, Richard F., 1987. "A simple proof of the monotonicity of the state trajectories in autonomous control problems," Journal of Economic Theory, Elsevier, Elsevier, vol. 41(1), pages 211-215, February.
  3. Bambi, Mauro & Fabbri, Giorgio & Gozzi, Fausto, 2009. "Optimal policy and consumption smoothing effects in the time-to-build AK model," MPRA Paper 17128, University Library of Munich, Germany.
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