Optimal Control of Investments in Old and New Capital Under Improving Technology
Optimal Control of Investments in Old and New Capital Under Improving Technology
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DOI：
10.1007/s10957-016-1022-y
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发表时间：
2017
影响因子：
1.9
通讯作者：
N. Hritonenko;N. Kato;Y. Yatsenko
中科院分区：
文献类型：
--
作者：
N. Hritonenko;N. Kato;Y. Yatsenko
分析了一类特殊非线性积分方程的最优控制问题。它考虑了在技术进步和不同年龄资本之间可替代性有限的情况下，企业对年龄依赖资本的投资。证明了解的存在性，并分析了解的结构。结果表明，最初的bang-bang最优投资转向内部最优投资，并最终收敛到代表平衡经济增长的稳态轨迹。所得的分析结果有助于更好地理解技术变革下的投资政策。
An optimal control problem for nonlinear integral equations of special kind is analyzed. It considers a firm’s investment into age-dependent capital under improving technology and limited substitutability among capital of different ages. We prove the existence of solutions and analyze their structure. It is shown that the initially bang-bang optimal investment switches to an interior one and eventually converges to a steady-state trajectory that represents balanced economic growth. The obtained analytic outcomes contribute to better understanding of investment policies under technological change.