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On the dynamics of capital accumulation across space

  • Carmen Camacho

    ()

    (Economics Department, Université catholique du Louvain)

  • Benteng Zou

    ()

    (Institute of Mathematical Economics, Bielefeld University)

  • Maya Briani

    ()

    (LUISS Guido Carli)

We solve an optimal growth model in continuous space, continuous and bounded time. The optimizer chooses the optimal trajectories of capital and consumption across space and time by maximizing an objective function with both space and time discounting. We extract the corresponding Pontryagin conditions and prove their sufficiency. We end up with a system of two parabolic differential equations with the corresponding boundary conditions. Then, we study the roles of initial capital and technology distributions over space in various scenarios.

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File URL: http://www.imw.uni-bielefeld.de/papers/files/imw-wp-376.pdf
File Function: First version, 2005
Download Restriction: no

Paper provided by Center for Mathematical Economics, Bielefeld University in its series Center for Mathematical Economics Working Papers with number 376.

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Length: 23 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:bie:wpaper:376
Contact details of provider: Postal: Postfach 10 01 31, 33501 Bielefeld
Phone: +49(0)521-106-4907
Web page: http://www.imw.uni-bielefeld.de/

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