کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1137439 1489190 2008 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Anticipation echoes in vintage capital models
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی کنترل و سیستم های مهندسی
پیش نمایش صفحه اول مقاله
Anticipation echoes in vintage capital models
چکیده انگلیسی

The paper analyzes the structure of optimal trajectories in the one-sector vintage capital model that optimizes the endogenous lifetime of age-structured capital under technological change. A new repetition pattern (anticipation echoes) is demonstrated in both optimal investment and optimal capital lifetime in the case of finite-horizon optimization. The anticipation echoes are caused by expectation of the future “no-investment” policy at the end of the planning horizon. It is shown that the anticipation echoes represent a general structural property of dynamic systems with endogenous delay. Mathematically, the problem under study is the optimal control of non-linear integral equations with unknowns in the integration limits.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Mathematical and Computer Modelling - Volume 48, Issues 5–6, September 2008, Pages 734–748
نویسندگان
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