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

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  • Cuong Le Van

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, University of Exeter Business School - University of Exeter Business School, VCREME - VanXuan Center of Research in Economics, Management and Environment - VanXuan Center of Research in Economics, Management and Environment)

  • Erol Dogan

    (Bilkent University - Bilkent University)

  • Cagri Saglam

    (Bilkent University - Bilkent University)

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 the standard techniques from calculus of variations and some basic properties of Sobolev spaces.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00639729.

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Date of creation: Mar 2011
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Publication status: Published, Mathematical Social Sciences, 2011, 61, 2, 97-103
Handle: RePEc:hal:cesptp:halshs-00639729

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

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  1. 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.
  2. repec:cor:louvrp:2335 is not listed on IDEAS
  3. LE VAN, CUONG & BOUCEKKINE, Raouf & SAGLAM, Cagri, . "Optimal control in infinite horizon problems: A Sobolev space approach," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1956, 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, Elsevier, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 26, pages 1281-1355 Elsevier.
  5. 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, Elsevier, vol. 13(3), pages 319-337, July.
  6. repec:hal:journl:halshs-00197546 is not listed on IDEAS
  7. Tomiyama, Ken, 1985. "Two-stage optimal control problems and optimality conditions," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 9(3), pages 317-337, November.
  8. Askenazy, Philippe & Le Van, 1997. "A model of optimal growth strategy," CEPREMAP Working Papers (Couverture Orange) 9707, CEPREMAP.
  9. BOUCEKKINE, Raouf & KRAWCZYK, Jacek B. & VALLEE, Thomas, . "Environmental quality versus economic performance: a dynamic game approach," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -2335, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. BOUCEKKINE, Raouf & DEL RIO, Fernando & LICANDRO, Omar, . "Embodied technological change, learning-by-doint and the productivity slowdown," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1629, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Boucekkine, Raouf & Saglam, Cagri & Vall Ee, Thomas, 2004. "Technology Adoption Under Embodiment: A Two-Stage Optimal Control Approach," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 8(02), pages 250-271, April.
  12. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, Elsevier, vol. 63(2), pages 346-369, August.
  13. Makris, Miltiadis, 2001. "Necessary conditions for infinite-horizon discounted two-stage optimal control problems," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 25(12), pages 1935-1950, December.
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