A Semigroups Approach to the Study of a Second Order Partial Differential Equation Applied in Economics

Constantin Chilarescu and Ioana Viaşu

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper we will study the well known problem of production functions in an operator semigroup approach. In general, semigroups can be used to solve a large class of problems commonly known as evolution equations. They are usually described by an initial value problem for a differential equation, also known as a Cauchy problem. After summarizing some of the major properties of semigroups theory, we will provide an application to the theory of production functions. Finally we present some concluding remarks.

Keywords: Production functions; Partial differential equations; Semigroups (search for similar items in EconPapers)
JEL-codes: C22 C51 D24 (search for similar items in EconPapers)
Date: 2011-10-06
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