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Numerical computation for initial value problems in economics

Author

Listed:
  • Óscar Afonso

    (CEMPRE, Faculdade de Economia, Universidade do Porto)

  • Paulo B. Vasconcelos

    (Faculdade de Economia, Universidade do Porto)

Abstract

We summarise Runge-Kutta type methods for the solution of ordinary differential equations in models of economic dynamics. In this work we are going to present explicit Runge-Kutta type methods, a family of methods to solve numerically systems of ordinary differential equations, without the need to evaluate high-order derivatives. We apply this numerical approach to solve a dynamic, general equilibrium growth model of North-South technological-knowledge diffusion by imitation.

Suggested Citation

  • Óscar Afonso & Paulo B. Vasconcelos, 2006. "Numerical computation for initial value problems in economics," FEP Working Papers 202, Universidade do Porto, Faculdade de Economia do Porto.
    • Handle: RePEc:por:fepwps:202
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    More about this item

    Keywords

    North-South; Technological Knowledge Diffusion; Convergence; Numerical Computations;
    All these keywords.

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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