A dynamic model of optimal investment in research and development with international knowledge spillovers

Sergei Aseev, Gernot Hutschenreiter, Arkady Kryazhimskiy and Andrey Lysenko

Mathematical and Computer Modelling of Dynamical Systems, 2005, vol. 11, issue 2, 125-133

Abstract: We consider a two-country endogenous growth model where an economic follower absorbs part of the knowledge generated in a leading country. To solve a suitably defined infinite horizon dynamic optimization problem an appropriate version of the Pontryagin maximum principle is developed. The properties of optimal controls and the corresponding optimal trajectories are characterized by the qualitative analysis of the solutions of the Hamiltonian system arising through the implementation of the Pontryagin maximum principle.

Date: 2005
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DOI: 10.1080/1387395050500067361

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