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Optimal Agglomerations in Dynamic Economics

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  • William A. Brock

    (Department of Economics, University of Wisconsin, USA)

  • Anastasios Xepapadeas

    (Department of International and European Economic Studies, Greece)

  • Athanasios N. Yannacopoulos

    (Department of Statistics Athens University of Economics and Business, Greece)

Abstract

We study rational expectations equilibrium problems and social optimum problems in infinite horizon spatial economies in the con- text 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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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2012.64.

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Date of creation: Sep 2012
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Handle: RePEc:fem:femwpa:2012.64

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Keywords: Agglomeration; Spatial Spillovers; Spillover Induced Instability; Rational Expectations Equilibrium; Social Optimum; Monotone Operators;

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  1. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "On the Optimal Control of Some Parabolic Partial Differential Equations Arising in Economics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00831042, HAL.
  2. 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.
  3. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "Spatial dynamics and convergence: The spatial AK model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00827641, HAL.
  4. Brito, Paulo, 2011. "Global endogenous growth and distributional dynamics," MPRA Paper 41653, University Library of Munich, Germany.
  5. 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.
  6. 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).
  7. BOUCEKKINE, Raouf & CAMACHO, Carmen & ZOU, Benteng, . "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," CORE Discussion Papers RP -2090, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  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. 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.
  10. 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.
  11. 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.
  12. 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.
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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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