Parametric Optimization Approach to the Solow Growth Theory

Rentsen Enkhbat () and Darkhijav Bayanjargal ()
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Rentsen Enkhbat: National University of Mongolia
Darkhijav Bayanjargal: National University of Mongolia

A chapter in Optimization, Simulation, and Control, 2013, pp 195-203 from Springer

Abstract: Abstract We extend the classical growth theory model assuming that production function is an arbitrary continuously differentiable function on its domain and the saving rate and depreciation rate of capital depend on time. Then the per capita consumption maximization problem reduces to one dimensional parametric maximization problem. We propose a new finite method for solving the problem using Lipschitz condition. Some test problems have been solved numerically.

Keywords: Growth theory; Nonconvex; Parametric optimization problem (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spochp:978-1-4614-5131-0_12

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DOI: 10.1007/978-1-4614-5131-0_12

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