1,721,107 research outputs found
Viscosity Solutions to Delay Differential Equations in Demo-Economy
Get PDFEconomic and demographic models governed by linear delay differential equations are expressed as optimal control problems in infinite dimensions. A general objective function is considered and the concavity of the Hamiltonian is not required. The value function is a viscosity solution of the Hamilton-Jacobi-Bellman (HJB) equation and a verification theorem is proved.delay differential equation, vintage models, viscosity solutions,
HJB equations in infinite dimension and optimal control of stochastic evolution equations via generalized Fukushima decomposition
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A dynamic programming approach in hilbert spaces for a family of applied delay optimal control problems
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On the optimal control of some parabolic partial differential equation arising in economics
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Short-run pain, long-run gain: the conditional welfare gains from international financial integration
No full textThis paper aims at clarifying the analytical conditions under which financial globalization originates welfare gains in a simple endogenous growth setting. We focus on an open-economy (Formula presented.) model in which the capital-deepening effect of financial globalization boosts growth in a in permanent but entails an entry cost in order to access international credit markets. We show that constrained borrowing triggers substantial welfare gains, even at small levels of international financial integration, provided that the autarkic growth rate is larger than the world interest rate. Such conditional welfare benefits boosted by stronger growth—long-run gain—arise in our preferred model without investment commitment and they range, relative to autarky, from about (Formula presented.) in middle-income countries to about (Formula presented.) in OECD-type countries under international financial integration. Sizeable benefits emerge despite the fact that consumption initially falls—short-run pain—which is, however, shown not to dwarf positive growth changes
Growth and financial liberalization under capital collateral constraints: The striking case of the stochastic AK model with CARA preferences
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