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Optimal Agglomerations in Dynamic Economics

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  • Athanasios Yannacopoulos
  • Anastasios Xepapadeas
  • William Brock

Abstract

We study rational expectations equilibrium problems and social optimum problems in infinite horizon spatial economies in the context of a Ramsey type capital accumulation problem with geographical spillovers. We identify sufficient local and global conditions for the emergence (or not) of optimal agglomeration, using techniques from monotone operator theory and spectral theory in infinite dimensional Hilbert spaces. Our analytical methods can be used to systematically study optimal potential agglomeration and clustering in dynamic economics.

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File URL: http://wpa.deos.aueb.gr/docs/BXY.Optima.Agglomerations.5.July.pdf
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Paper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 1217.

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Handle: RePEc:aue:wpaper:1217

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Keywords: Agglomeration; spatial spillovers; spillover induced instability; rational expectations equilibrium; social optimum; monotone operators.;

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  1. BOUCEKKINE, Raouf & CAMACHO, Carmen & ZOU, Benteng, 2006. "Bridging the gap between growth theory and the new economic geography: the spatial Ramsey model," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2006072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2010. "Spatial dynamics and convergence: the spatial AK model," Working Papers, Business School - Economics, University of Glasgow 2010_06, Business School - Economics, University of Glasgow.
  3. Brito, Paulo, 2011. "Global endogenous growth and distributional dynamics," MPRA Paper 41653, University Library of Munich, Germany.
  4. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 75, pages 321.
  5. Nocco, Antonella, 2005. "The rise and fall of regional inequalities with technological differences and knowledge spillovers," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 35(5), pages 542-569, September.
  6. Camacho, Carmen & Zou, Benteng & Briani, Maya, 2008. "On the dynamics of capital accumulation across space," European Journal of Operational Research, Elsevier, Elsevier, vol. 186(2), pages 451-465, April.
  7. Carmen, CAMACHO & Benteng, ZOU, 2003. "The Spatial Solow Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2003017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  9. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
  10. Chincarini, Ludwig & Asherie, Neer, 2008. "An analytical model for the formation of economic clusters," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 38(3), pages 252-270, May.
  11. Scheinkman, Jose Alexandre, 1978. "Stability of Separable Hamiltonians and Investment Theory," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 45(3), pages 559-70, October.
  12. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "On the Optimal Control of Some Parabolic Partial Differential Equations Arising in Economics," AMSE Working Papers 1334, Aix-Marseille School of Economics, Marseille, France, revised 05 Jun 2013.
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Cited by:
  1. William Brock & Anastasios Xepapadeas & Athanasios Yannacopoulos, 2013. "Adjustment Costs and Long Run Spatial Agglomerations," Working Papers, Fondazione Eni Enrico Mattei 2013.68, Fondazione Eni Enrico Mattei.
  2. Brock, William A. & Engström, Gustav & Grass, Dieter & Xepapadeas, Anastasios, 2013. "Energy balance climate models and general equilibrium optimal mitigation policies," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 37(12), pages 2371-2396.

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