Optimal Control of R&D Investment in a Techno-Metabolic System
نویسندگان
چکیده
The nonlinear model of economic growth involving production, technology stock and their rates is considered. Two trends growth and decline, in interaction between production and R&D investment are examined in the balance dynamics. The optimal control problem of R&D investment is studied for the balance dynamics and discounted utility function of consumption index. Pontryagin’s optimality principle is applied for designing optimal nonlinear dynamics. The existence and uniqueness result is proved for the saddle type equilibrium and the convergence property of optimal trajectories is shown. Quasioptimal feedbacks of the rational type for balancing the dynamical system are proposed. Growth properties of production rate, R&D intensity and technology intensity are examined on generated trajectories. In the test example explicit formulas for the optimal feedback and the value function are obtained.
منابع مشابه
Estimating Optimum Value of Investment and Human Capital in the R&D Sector of Iran Using an Augmented Endogenous Growth Model
This article intends to estimate the optimal value of investment and human capital in R&D sector of Iranian economy using an augmented endogenous growth model. To do so, two issues have been studied. First, an endogenous growth model has been extended to include investment in R&D as an independent variable. In the framework of this model, in order to determine the optimal value of investment an...
متن کاملOptimal Trends in Models of Economic Growth
The objective of this work is to design control strategies which optimize composition of production, technology stock and their rates in a nonlinear model of economic growth. The optimal control problem of R&D investment is formulated for a discounted utility function which correlates the amount of sales and production diversity. The maximum principle of Pontryagin is applied for designing opti...
متن کاملAn integrated vendor–buyer model with stochastic demand, lot-size dependent lead-time and learning in production
In this article, an imperfect vendor–buyer inventory system with stochastic demand, process quality control and learning in production is investigated. It is assumed that there are learning in production and investment for process quality improvement at the vendor’s end, and lot-size dependent lead-time at the buyer’s end. The lead-time for the first batch and those for the rest of the batches ...
متن کاملFACTS Devices Allocation Using a Novel Dedicated Improved PSO for Optimal Operation of Power System
Flexible AC Transmission Systems (FACTS) controllers with its ability to directly control the power flow can offer great opportunities in modern power system, allowing better and safer operation of transmission network. In this paper, in order to find type, size and location of FACTS devices in a power system a Dedicated Improved Particle Swarm Optimization (DIPSO) algorithm is developed for de...
متن کاملTechno- Economic and Life- Cycle Cost Assessment of the CCHP/ PV Hybrid System Application
In recent decades, excessive using fossil fuels has been resulted in emitting greenhouse gases such as CO2, consequently, environmental pollution. In this study, the techno-economic analysis of the CCHP/PV hybrid system application for a sample building was examined to reduce the environmental pollution and primary energy consumption of the buildings. The life-cycle cost analysis was...
متن کامل