Transition Dynamics in Endogenous Recombinant Growth Models by means of Projection Methods

التفاصيل البيبلوغرافية
العنوان: Transition Dynamics in Endogenous Recombinant Growth Models by means of Projection Methods
المؤلفون: Fabio Privileggi
سنة النشر: 2011
مصطلحات موضوعية: Knowledge Production, Endogenous Recombinant Growth, Transition Dynamics, Projection Methods, Least Squares, Lebesgue measure, jel:C63, Economics, Econometrics and Finance (miscellaneous), jel:C61, Ode, Probability density function, Function (mathematics), Projection methods, Least squares, Computer Science Applications, Transition dynamics, jel:O31, Range (mathematics), jel:O41, Endogenous recombinant growth, Knowledge production, Projection method, Applied mathematics, Projection (set theory), Mathematical economics, Mathematics
الوصف: This study provides a step further in the computation of the transition path of a continuous time endogenous growth model discussed by Privileggi (Nonlinear dynamics in economics, finance and social sciences: essays in honour of John Barkley Rosser Jr., Springer, Berlin, Heidelberg, pp. 251---278, 2010)--based on the setting first introduced by Tsur and Zemel (J Econ Dyn Control 31:3459---3477, 2007)--in which knowledge evolves according to the Weitzman (Q J Econ 113:331---360, 1998) recombinant process. A projection method, based on the least squares of the residual function corresponding to the ODE defining the optimal policy of the `detrended' model, allows for the numeric approximation of such policy for a positive Lebesgue measure range of values of the efficiency parameter characterizing the probability function of the recombinant process. Although the projection method's performance rapidly degenerates as one departs from a benchmark value for the efficiency parameter, we are able to numerically compute time-path trajectories which are sufficiently regular to allow for sensitivity analysis under changes in parameters' values.
اللغة: English
URL الوصول: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::c71bbfe5795a7c9b4e14532cf80a5d25
http://hdl.handle.net/2318/136013
Rights: OPEN
رقم الانضمام: edsair.doi.dedup.....c71bbfe5795a7c9b4e14532cf80a5d25
قاعدة البيانات: OpenAIRE