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A dynamic model of optimal investment in research and development with international knowledge spillovers
Authors:
Sergei Aseev ab;
Gernot Hutschenreiter c;
Arkady Kryazhimskiy ab;
Andrey Lysenko d
| Affiliations: | a International Institute for Applied Systems Analysis, Laxenburg, Austria |
| b Steklov Institute of Mathematics, Moscow, Russia | |
| c Austrian Institute of Economic Research, Vienna, Austria | |
| d Faculty of Computational Mathematics, Moscow State University, Moscow, Russia |
DOI:
10.1080/1387395050500067361
Publication Frequency:
6 issues per year
Published in:
Mathematical and Computer Modelling of Dynamical Systems,
Volume
11,
Issue
2
June
2005
, pages 125
- 133
Mathematical and Computer Modelling of Dynamical Systems,
Volume
11,
Issue
2
June
2005
, pages 125
- 133
Subjects:
Analysis - Mathematics;
Applied Mechanics;
Dynamical Control Systems;
Dynamical Systems;
Mathematical Modeling;
Mathematics & Statistics for Engineers;
Simulation & Modeling;
Number of References: 8
Formats available:
HTML
(English)
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PDF
(English)
Previously published as:
Mathematical Modelling of Systems
(1381-2424)
until 1998
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Abstract
We consider a two-country endogenous growth model where an economic follower absorbs part of the knowledge generated in a leading country. To solve a suitably defined infinite horizon dynamic optimization problem an appropriate version of the Pontryagin maximum principle is developed. The properties of optimal controls and the corresponding optimal trajectories are characterized by the qualitative analysis of the solutions of the Hamiltonian system arising through the implementation of the Pontryagin maximum principle.
|
| Keywords: Optimal economic growth; Knowledge spillovers; infinite horizon; Pontryagin maximum principle; Transversality conditions |
| view references (8) |
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