Discrete Model of Optimal Growth on a Finite Time Horizon as a Boundary Value Problem
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F20%3A50017189" target="_blank" >RIV/62690094:18450/20:50017189 - isvavai.cz</a>
Result on the web
<a href="https://mme2020.mendelu.cz/wcd/w-rek-mme/mme2020_conference_proceedings_final_final.pdf" target="_blank" >https://mme2020.mendelu.cz/wcd/w-rek-mme/mme2020_conference_proceedings_final_final.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Discrete Model of Optimal Growth on a Finite Time Horizon as a Boundary Value Problem
Original language description
The aim of this paper is to introduce a way to transform a discrete growth model with a ????inite time horizon to a system of nonlinear equations that can be solved by a numerical method. Neoclassical growth model is usually presented in continuous time. If an objective utility function is given the growth model can be formulated as optimal control problem. This paper considers a discrete-time growth model on a ????inite time horizon. First necessary conditions for optimal solution to the problem are introduced. Then Euler equation is developed. The ????inal model can be expressed by a system of two nonlinear difference equations with two boundary values based on these relations. Unfortunately, such a problem cannot be solved analytically. Therefore, the given system of difference equations is rewritten using the system of nonlinear equations which is subsequently solved by a suitable numerical method.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
10102 - Applied mathematics
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2020
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
38th International Conference on Mathematical Methods in Economics
ISBN
978-80-7509-734-7
ISSN
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e-ISSN
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Number of pages
7
Pages from-to
467-473
Publisher name
Mendel University Publishing Center
Place of publication
Brno
Event location
Brno
Event date
Sep 9, 2020
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000668460800072