Browsing by Subject "Optimal growth models"

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    Hopf cycles in one-sector optimal growth models with time delay
    (Cambridge University Press, 2017) Özbay, Hitay; Saǧlam, Hüseyin Çağrı; Yüksel, Mustafa Kerem
    This paper analyzes the existence of Hopf bifurcation and establishes the conditions under which the equilibrium path converges toward periodic solutions in a one-sector optimal growth model with delay. We establish the limits and the possibilities of nonlinear dynamics (i.e., cycles) vis-à-vis delays. In particular, we formulate a new method to further comprehend the root distribution of the characteristic equation of a standard optimal growth model with delayed investment structure. We show that nonmonotonic dynamics (limit cycles, persistent oscillations) occurs when the delayed investment causes permanent adjustment failures among the economic variables in the economy. © Cambridge University Press 2016.
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    Optimal timing of regime switching in optimal growth models: a Sobolev space approach
    (Elsevier BV, 2011) Dogan, E.; Le Van, C.; Saglam, C.
    This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of standard techniques from the calculus of variations and some basic properties of Sobolev spaces. © 2010 Elsevier B.V.