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Optimal Agglomerations in Dynamic Economics

  • Athanasios Yannacopoulos
  • Anastasios Xepapadeas
  • William Brock

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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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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  1. Benteng Zou & Carmen Camacho, 2004. "The spatial Solow model," Economics Bulletin, AccessEcon, vol. 18(2), pages 1-11.
  2. Paulo Brito, 2012. "Global Endogenous Growth and Distributional Dynamics," DEGIT Conference Papers c017_053, DEGIT, Dynamics, Economic Growth, and International Trade.
  3. Desmet, Klaus & Rossi-Hansberg, Esteban, 2007. "Spatial Growth and Industry Age," CEPR Discussion Papers 6421, C.E.P.R. Discussion Papers.
  4. Nocco, Antonella, 2005. "The rise and fall of regional inequalities with technological differences and knowledge spillovers," Regional Science and Urban Economics, Elsevier, vol. 35(5), pages 542-569, September.
  5. L. W. McKenzie, 2010. "Turnpike Theory," Levine's Working Paper Archive 1389, David K. Levine.
  6. Gene M. Grossman & Elhanan Helpman, 1990. "Trade, Knowledge Spillovers, and Growth," NBER Working Papers 3485, National Bureau of Economic Research, Inc.
  7. Scheinkman, Jose Alexandre, 1978. "Stability of Separable Hamiltonians and Investment Theory," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 559-70, October.
  8. Chincarini, Ludwig & Asherie, Neer, 2008. "An analytical model for the formation of economic clusters," Regional Science and Urban Economics, Elsevier, vol. 38(3), pages 252-270, May.
  9. BOUCEKKINE, Raouf & CAMACHO, Carmen & ZOU, Benteng, 2006. "Bridging the gap between growth theory and the new economic geography: the spatial Ramsey model," CORE Discussion Papers 2006072, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  11. Carmen Camacho & Raouf Boucekkine & Fabbri Giorgio, 2013. "On the optimal control of some parabolic partial differential equations arising in economics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00973388, HAL.
  12. Carmen Camacho & Zou Benteng, 2004. "The spatial Solow model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00683802, HAL.
  13. 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.
  14. Camacho, Carmen & Zou, Benteng & Briani, Maya, 2008. "On the dynamics of capital accumulation across space," European Journal of Operational Research, Elsevier, vol. 186(2), pages 451-465, April.
  15. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
  16. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  17. Danny Quah, 2002. "Spatial Agglomeration Dynamics," CEP Discussion Papers dp0521, Centre for Economic Performance, LSE.
  18. Danny Quah, 2002. "Spatial agglomeration dynamics," LSE Research Online Documents on Economics 2042, London School of Economics and Political Science, LSE Library.
  19. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
  20. Robert E. Lucas & Esteban Rossi-Hansberg, 2002. "On the Internal Structure of Cities," Econometrica, Econometric Society, vol. 70(4), pages 1445-1476, July.
  21. Fujita, Masahisa & Hamaguchi, Nobuaki, 2001. "Intermediate goods and the spatial structure of an economy," Regional Science and Urban Economics, Elsevier, vol. 31(1), pages 79-109, February.
  22. repec:hal:wpaper:halshs-00831042 is not listed on IDEAS
  23. Danny Quah, 2002. "Spatial Agglomeration Dynamics," American Economic Review, American Economic Association, vol. 92(2), pages 247-252, May.
  24. Robert E. Lucas, Jr., 2001. "Externalities and Cities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(2), pages 245-274, April.
  25. Araujo, A & Scheinkman, Jose A, 1977. "Smoothness, Comparative Dynamics, and the Turnpike Property," Econometrica, Econometric Society, vol. 45(3), pages 601-20, April.
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