The Ramsey Model with Exogenous Demographic Transition and Simulation
In this paper, the exogenous demographic transition function is integrated into the classical Ramsey model. By decomposition the household utility maximization problem into a finite horizon nonautonomous problem and a infinite horizon autonomous problem, we obtain the target set of the former problem and the optimal solution exists of the original problem if there exists a unique trajectory of former overshoots the target set for some given initial value. Through the numerical simulation, the optimal solution is found and the changes of the economic variables along the optimal growth path are presented.
Ramsey model Demographic transition Optimal Solution Target Set Numerical Simulation
Donghan Cai
College of Math, and Stat, Wuhan Univ., Wuhan 430072, P.R.China
国际会议
The Third International Conference on Modelling and Simulation(第三届国际建模、计算、仿真、优化及其应用学术会议 ICMS 2010)
无锡
英文
206-209
2010-06-04（万方平台首次上网日期，不代表论文的发表时间）