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On the dynamics of capital accumulation across space

Author

Listed:
  • Carmen Camacho

    (UCL - Université Catholique de Louvain = Catholic University of Louvain)

  • Zou Benteng

    (uni.lu - Université du Luxembourg = University of Luxembourg = Universität Luxemburg)

  • Maya Briani

    (IAC - Istituto per le Applicazioni del Calcolo "Mauro Picone" - CNR - National Research Council of Italy | Consiglio Nazionale delle Ricerche)

Abstract

We solve an optimal growth model in continuous space, continuous and bounded time. The optimizer chooses the opti- mal 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. We propose a simple numer- ical set-up to simulate PDE systems which we employ to study the roles of initial capital and technology distributions over space in various scenarios.

Suggested Citation

  • Carmen Camacho & Zou Benteng & Maya Briani, 2008. "On the dynamics of capital accumulation across space," Post-Print hal-00683807, HAL.
    • Handle: RePEc:hal:journl:hal-00683807
    DOI: 10.1016/j.ejor.2007.02.031
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