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Viscosity solutions to delay differential equations in demo-economy

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Author Info
Fabbri, Giorgio

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Abstract

Economic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.

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File URL: http://mpra.ub.uni-muenchen.de/2826/
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File URL: http://mpra.ub.uni-muenchen.de/5117/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2826.

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Date of creation: 08 Aug 2007
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Handle: RePEc:pra:mprapa:2826

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Related research
Keywords: viscosity solutions delay differential equation vintage models.

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
M30 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - General
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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References listed on IDEAS
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  1. Raouf Boucekkine & David de la Croix & Omar Licandro, . "vintage human capital, demographic trends and endogenous growth," Working Papers 2000-02, FEDEA. [Downloadable!]
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  2. Mauro Bambi, 2006. "Endogenous Growth and Time-to-Build: the AK Case," Economics Working Papers ECO2006/17, European University Institute. [Downloadable!]
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  3. Asea, Patrick K. & Zak, Paul J., 1999. "Time-to-build and cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 23(8), pages 1155-1175, August. [Downloadable!] (restricted)
    Other versions:
  4. Raouf, BOUCEKKINE & David de la Croix, 2004. "Modelling vintage structures with DDEs : principles and applications," Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper 2004004, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
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  5. Boucekkine, Raouf & Licandro, Omar & Paul, Christopher, 1997. "Differential-difference equations in economics: On the numerical solution of vintage capital growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 347-362. [Downloadable!] (restricted)
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  6. Boucekkine, Raouf & Licandro, Omar & Puch, Luis A. & del Rio, Fernando, 2005. "Vintage capital and the dynamics of the AK model," Journal of Economic Theory, Elsevier, vol. 120(1), pages 39-72, January. [Downloadable!] (restricted)
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  7. Boucekkine, Raouf & Germain, Marc & Licandro, Omar & Magnus, Alphonse, 2001. "Numerical solution by iterative methods of a class of vintage capital models," Journal of Economic Dynamics and Control, Elsevier, vol. 25(5), pages 655-669, May. [Downloadable!] (restricted)
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