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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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Bibliographic Info

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, R. & Camacho, C. & Fabbri, G., 2013. "Spatial dynamics and convergence: The spatial AK model," Journal of Economic Theory, Elsevier, Elsevier, vol. 148(6), pages 2719-2736.
  2. Carmen, CAMACHO & Benteng, ZOU, 2003. "The Spatial Solow Model," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. 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.
  4. Raouf Boucekkine & C. Camacho & B. Zou, 2007. "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," Working Papers, Business School - Economics, University of Glasgow 2007_27, Business School - Economics, University of Glasgow.
  5. 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.
  6. Brito, Paulo, 2011. "Global endogenous growth and distributional dynamics," MPRA Paper 41653, University Library of Munich, Germany.
  7. 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.
  8. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
  9. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  10. repec:hal:journl:halshs-00827641 is not listed on IDEAS
  11. 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.
  12. repec:hal:wpaper:halshs-00831042 is not listed on IDEAS
  13. Carmen Camacho & Benteng Zou & Maya Briani, 2005. "On the dynamics of capital accumulation across space," Working Papers 376, Bielefeld University, Center for Mathematical Economics.
  14. 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.
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Cited by:
  1. William Brock & Anastasios Xepapadeas & Athanasios Yannacopoulos, . "Adjustment Costs and Long Run Spatial Agglomerations," DEOS Working Papers 1327, Athens University of Economics and Business.
  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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