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

Ioana Viaşu and Constantin Chilarescu

Timisoara Journal of Economics, 2011, vol. 4, issue 4(16), 239-244

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 com-monly 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. In order to arrive to our main result, we consider that the production function F (L(t), K (t), t) is assumed to be homogenous of degree one. To simplify the computation procedure, we denote by x(t) = K (t)/ L(t), y = f ( x(t), t ), and we suppose that x(t) is the solution for a stochastic differential equation. 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
References: Add references at CitEc
Citations:

Downloads: (external link)
https://tje.uvt.ro/index.php/tje/article/download/125/pdf (application/pdf)

Related works:
Working Paper: A Semigroups Approach to the Study of a Second Order Partial Differential Equation Applied in Economics (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wun:journl:tje:v04:y2011:i4(16):a06

Ordering information: This journal article can be ordered from
16 J. H. Pestalozzi Street, 300115, Timisoara, Romania
https://tje.uvt.ro

Access Statistics for this article

Timisoara Journal of Economics is currently edited by Camelia Margea

More articles in Timisoara Journal of Economics from West University of Timisoara, Romania, Faculty of Economics and Business Administration Contact information at EDIRC.
Bibliographic data for series maintained by Romeo Margea ().