Ramsey model with non-constant population growth

Viktória Kajanovičová, Branislav Novotný and Michal Pospíšil

Mathematical Social Sciences, 2020, vol. 104, issue C, 40-46

Abstract: Ramsey model is a neoclassical model of economic growth. It describes the time evolution of capital and consumption in a closed economy with the exponential growth of the population. In this work, the Ramsey model for the general time evolution of the population is formulated and solved. Asymptotic behavior of solutions for different types of population development is investigated. In particular, the model with a population formed by a predator from an independent predator–prey system is solved numerically.

Keywords: Ramsey model; Optimal control; Pontryagin’s maximum principle; Generalized logistic growth; Predator–prey (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:104:y:2020:i:c:p:40-46

DOI: 10.1016/j.mathsocsci.2020.01.004

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