Thompson metric, contraction property and differentiability of policy functions

Article Abstract:

The differentiability of policy functions resulting from general discrete-time, Ramsey-type model of capital accumulation was analyzed in relation to its smoothness properties. The strategy used in the analysis of policy functions produced new sufficient proof of Santos' theorem, which was derived through the use of strategy introduced in a study conducted by Boldrin and Montrucchio. A metric initially used by Thompson in an abstract partially ordered vector space was also employed to effectively deal with difficulties arising from the investigation process.

Mathematics, Analysis, Iterative methods (Mathematics), Iteration (Mathematics), Capital formation, Dynamic programming

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A turnpike theorem for continuous-time optimal-control models

Article Abstract:

Continuous-time and infinite-horizon optimization models were used in the analysis of positive discounting. The results showed that for discount factors micro < 0.86alpha(gamma1gamma2)(super -1 2), all the points of a region where the instantaneous utility satisfies the assumption of an upper curvature converge toward the steady state. The lower curvature is represented by alpha while the upper concertion of the utility function is represented by (gamma1gamma2)(super -1 2). A global turnpike theorem for low discounting is presented.

Economic research

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Technology policy and the organization of R and D

Article Abstract:

Private investments in the form of research and development are believed to produce lesser social returns, prompting the creation of technology policies which induce technological advancement. Incentives to persuade firms to invest more include subsidies, intellectual property rights laws, and the encouragement of cooperation. Research joint ventures were shown to produce lesser research potency without subsidies while favorable subsidy policies produce more welfare in the presence of joint ventures.

Commercial physical research, Research & Development-Industry, Industrial research, Subsidies, Technology and state, Technology policy, Cooperative industrial research, Cooperative research

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