Sustainable growth under physical constraints: optimal R&D, investment and replacement policies

Raouf Boucekkine (), Natali Hritonenko and Yuri Yatsenko
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Natali Hritonenko: Prairie View - Texas A&M University System

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Abstract: We consider the optimal control of nonlinear integral equations with endogenous delay and state constraints, which describe a developing economy subjected to resource constraints. The economy invests in new resource-efficient technologies, invests in new capital, and scraps obsolete capital. We derive the optimality condition and determine long-term asymptotically exponential trajectories that optimally combine scrapping the dirtiest capital and developing new clean technologies. Next, we study the short-term dynamics of the model and show that it leads to a sustainable growth with active resource constraint.

Keywords: Economie; quantitative (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (2)

Published in Journal of Optimization Theory and Applications, 2014, 163 (1), pp.301--331

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01474434

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