Construction of Nonlinear Stabilizer for Trajectories of Economic Growth

B. K. Ane, A. M. Tarasyev () and C. Watanabe
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B. K. Ane: Tokyo Institute of Technology
A. M. Tarasyev: Institute of Mathematics and Mechanics
C. Watanabe: Tokyo Institute of Technology

Journal of Optimization Theory and Applications, 2007, vol. 134, issue 2, No 9, 303-320

Abstract: Abstract A dynamic model of optimization of R&D intensity is studied for analyzing the effect of the spillover technology assimilation on techno-economic growth. The research focuses on the issue of a reasonable balance in the R&D investment policy between the indigenous technology stock and exogenous technology flow. On the basis of the concavity properties of the Hamiltonian, a nonlinear stabilizer sustaining proportional techno-economic growth is constructed. Trends of optimal R&D intensity are examined depending on the values of the model macroeconomic parameters and the feedback variables. Econometric analysis shows that additional investments and restructuring of these sources for knowledge absorption could have the effect of increasing returns and provide a strong leverage for reaching qualitatively higher levels of sales, technology development, and consumption index.

Keywords: Maximum principle of Pontryagin; Hamiltonian systems; Nonlinear stabilizers; Economic growth; Optimal R&D intensity (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10957-007-9256-3

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