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Optimal timing of regime switching in optimal growth models: A Sobolev space approach

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  • Dogan, Erol
  • Le Van, Cuong
  • Saglam, Cagri

Abstract

This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of standard techniques from the calculus of variations and some basic properties of Sobolev spaces.

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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 61 (2011)
Issue (Month): 2 (March)
Pages: 97-103

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Handle: RePEc:eee:matsoc:v:61:y:2011:i:2:p:97-103

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Web page: http://www.elsevier.com/locate/inca/505565

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Keywords: Multi-stage optimal control Sobolev spaces Optimal growth models;

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  1. BOUCEKKINE, Raouf & DEL RIO, Fernando & LICANDRO, Omar, . "Embodied technological change, learning-by-doint and the productivity slowdown," CORE Discussion Papers RP -1629, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. LE VAN, CUONG & BOUCEKKINE, Raouf & SAGLAM, Cagri, . "Optimal control in infinite horizon problems: A Sobolev space approach," CORE Discussion Papers RP -1956, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. BOUCEKKINE, Raouf & SAGLAM, Cagri & VALLEE, Thomas, . "Technology adoption under embodiment: a two-stage optimal control approach," CORE Discussion Papers RP -1702, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. McKenzie, Lionel W., 2005. "Optimal economic growth, turnpike theorems and comparative dynamics," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 26, pages 1281-1355 Elsevier.
  5. Jeremy Greenwood & Boyan Jovanovic, 2001. "Accounting for Growth," NBER Chapters, in: New Developments in Productivity Analysis, pages 179-224 National Bureau of Economic Research, Inc.
  6. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
  7. Makris, Miltiadis, 2001. "Necessary conditions for infinite-horizon discounted two-stage optimal control problems," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1935-1950, December.
  8. Askenazy, Philippe & Le Van, 1997. "A model of optimal growth strategy," CEPREMAP Working Papers (Couverture Orange) 9707, CEPREMAP.
  9. repec:cor:louvrp:2335 is not listed on IDEAS
  10. BOUCEKKINE, Raouf & KRAWCZYK, Jacek B. & VALLEE, Thomas, . "Environmental quality versus economic performance: a dynamic game approach," CORE Discussion Papers RP -2335, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Tomiyama, Ken, 1985. "Two-stage optimal control problems and optimality conditions," Journal of Economic Dynamics and Control, Elsevier, vol. 9(3), pages 317-337, November.
  12. Tomiyama, Ken & Rossana, Robert J., 1989. "Two-stage optimal control problems with an explicit switch point dependence : Optimality criteria and an example of delivery lags and investment," Journal of Economic Dynamics and Control, Elsevier, vol. 13(3), pages 319-337, July.
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