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Numerical computation for initial value problems in economics

Oscar Afonso and Paulo B. Vasconcelos ()
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Paulo B. Vasconcelos: Faculdade de Economia, Universidade do Porto

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: We summarise Runge-Kutta type methods for the solution of ordinary differential equations in models of economic dynamics. In this work we are going to present explicit Runge-Kutta type methods, a family of methods to solve numerically systems of ordinary differential equations, without the need to evaluate high-order derivatives. We apply this numerical approach to solve a dynamic, general equilibrium growth model of North-South technological-knowledge diffusion by imitation.

Keywords: North-South; Technological Knowledge Diffusion; Convergence; Numerical Computations (search for similar items in EconPapers)
JEL-codes: C63 O31 O33 O47 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2006-02
New Economics Papers: this item is included in nep-cmp and nep-dge
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