Optimal growth in a two-sector economy facing an expected random shock

被引：0

作者：

S. Aseev

K. Besov

S. -E. Ollus

T. Palokangas

机构：

[1] Steklov Mathematical Institute of the Russian Academy of Sciences,Helsinki Center of Economic Research

[2] International Institute for Applied Systems Analysis,undefined

[3] Steklov Mathematical Institute of the Russian Academy of Sciences,undefined

[4] Fortum Corporation,undefined

[5] University of Helsinki,undefined

来源：

Proceedings of the Steklov Institute of Mathematics | 2012年 / 276卷

关键词：

dynamic optimization; optimal control; Pontryagin’s maximum principle; endogenous growth; climate change; random shock; government policy; technological development;

D O I：

暂无

中图分类号：

学科分类号：

摘要：

We develop an optimal growth model of an open economy that uses both an old (“dirty” or “polluting”) technology and a new (“clean”) technology simultaneously. A planner of the economy expects the occurrence of a random shock that increases sharply abatement costs in the dirty sector. Assuming that the probability of an exogenous environmental shock is distributed according to the exponential law, we use Pontryagin’s maximum principle to find the optimal investment and consumption policies for the economy.

引用

页码：4 / 34

页数：30

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