Bernoulli substitution in the Ramsey model: Optimal trajectories under control constraints
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DOI: 10.1134/s0965542517050050
Abstract: We consider a neoclassical (economic) growth model. A nonlinear Ramsey equation, modeling capital dynamics, in the case of Cobb-Douglas production function is reduced to the linear differential equation via a Bernoulli substitution. This considerably facilitates… read more here.
Keywords: control; model; control constraints; bernoulli substitution ... See more keywords