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Differential-difference equations in economics: on the numerical solution of vintage capital growth models

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dc.affiliation.dptoUC3M. Departamento de Economíaes
dc.contributor.authorBoucekkine, Raouf
dc.contributor.authorLicandro, Omar
dc.contributor.authorPaul, Christopher
dc.contributor.editorUniversidad Carlos III de Madrid. Departamento de Economía
dc.date.accessioned2009-04-14T16:17:21Z
dc.date.available2009-04-14T16:17:21Z
dc.date.issued1995-12
dc.description.abstractIn this papel, we examine techniques for the analytical and numerical solution of statedependent differential-difference equations. Such equations occur in the continuous time modelling of vintage capital growth models, which form a particularly important class of models in modern economic growth theory. The theoretical treatment of non-statedependent differential-difference equations in economics has already been discussed by Benhabib and Rustichini (1991). In general, though, the state-dependence of a model prevents its analytical solution in all but the simplest of cases. We review a numerical method for solving state-dependent models, using sorne simple examples to illustrate our discussion. In addition, we analyse the Solow vintage capital growth model. We conclude by mentioning a crucial unresolved issue related to this topic.
dc.format.mimetypeapplication/pdf
dc.identifier.issn2340-5031
dc.identifier.urihttps://hdl.handle.net/10016/3951
dc.language.isoeng
dc.relation.ispartofseriesUC3M Working Paper. Economics;
dc.relation.ispartofseries1995-59-29
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRightsopen access
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.ecienciaEconomía
dc.subject.otherEconomic growth theory
dc.subject.otherVintage capital
dc.subject.otherDifferential-difference equations
dc.subject.otherState-dependence
dc.subject.otherNumerical solution
dc.titleDifferential-difference equations in economics: on the numerical solution of vintage capital growth models
dc.typeworking paper*
dspace.entity.typePublication
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