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

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  • Erol Dogan

    ()
    (Department of Economics, Bilkent University.)

  • Cuong Le Van

    ()
    (PSE, Universit� Paris 1, CNRS CES, 106-112 boulevard de l'H�pital 75647 Paris cedex 13)

  • Cagri Saglam

    ()
    (Corresponding author. Department of Economics, Bilkent University.)

Abstract

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

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Bibliographic Info

Paper provided by Development and Policies Research Center (DEPOCEN), Vietnam in its series Working Papers with number 16.

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Length: 28 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:dpc:wpaper:1610

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  1. Raouf, BOUCEKKINE & Cagri, SAGLAM & Thomas, VALLEE, 2002. "Technology adoption under embodiment : A two-stage optimal control approach," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2003007, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August.
  3. 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).
  4. 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.
  5. Raouf Boucekkine & Fernando del Río & Omar Licandro, 2003. "Embodied Technological Change, Learning-by-doing and the Productivity Slowdown," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(1), pages 87-98, 03.
  6. Askenazy, Philippe & Le Van, 1997. "A model of optimal growth strategy," CEPREMAP Working Papers (Couverture Orange) 9707, CEPREMAP.
  7. 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).
  8. repec:cor:louvrp:2335 is not listed on IDEAS
  9. 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.
  10. 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.
  11. 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.
  12. 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.
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