Complicated Dynamics and Parametric Restrictions in the Robinson-Solow-Srinivasan (RSS) Model∗
نویسندگان
چکیده
Since the 2005 demonstration of optimal topological chaos in a particular instance of the 2-sector RSS model, the delineation of the optimal policy function for “small” discount factors has remained open. This paper (i) provides an explicit solution when the discount factor is less than the labor/capital-output ratio, (ii) establishes the existence of optimal topological chaos for a non-negligible parametric range of the model, (iii) extends the analysis of Mitra (1996) and Nishumura-Yano (1996) on discount factor restrictions to apply to the RSS case, (iv) presents exact restrictions on the labor/capital-output ratio. The results underscore the initial promise of the RSS model as a “simple model with very complicated dynamics,” May (1976). (112 words) Journal of Economic Literature Classification Numbers: D90, C62, O21.
منابع مشابه
The Dynamics of the Stiglitz Policy in the RSS Model
We examine a policy proposed by Stiglitz in the context of a multi-sector model proposed by Robinson, Solow, and Srinivasan (henceforth the RSS model) and recently reconsidered by Khan and Mitra. We characterize the policy by drawing on and extending dynamical systems theory in order to divide the parameter space into regions of a unique attracting cycle of each period and a region of no attrac...
متن کاملDynamic Systems and Applications 20 (2011) 25-44 STABILITY OF A TURNPIKE PHENOMENON FOR THE ROBINSON-SOLOW-SRINIVASAN MODEL
We study the structure of solutions for a class of discrete-time optimal control problems. These control problems arise in economic dynamics and describe a model proposed by Robinson, Solow and Srinivasan. We are interested in turnpike properties of the approximate solutions which are independent of the length of the interval, for all sufficiently large intervals. In the present paper we show t...
متن کاملDetection of Outliers and Influential Observations in Linear Ridge Measurement Error Models with Stochastic Linear Restrictions
The aim of this paper is to propose some diagnostic methods in linear ridge measurement error models with stochastic linear restrictions using the corrected likelihood. Based on the bias-corrected estimation of model parameters, diagnostic measures are developed to identify outlying and influential observations. In addition, we derive the corrected score test statistic for outliers detection ba...
متن کاملA robust wavelet based profile monitoring and change point detection using S-estimator and clustering
Some quality characteristics are well defined when treated as response variables and are related to some independent variables. This relationship is called a profile. Parametric models, such as linear models, may be used to model profiles. However, in practical applications due to the complexity of many processes it is not usually possible to model a process using parametric models.In these cas...
متن کاملEffects of asymmetric stiffness on parametric instabilities of rotor
This work deals with effects of asymmetric stiffness on the dynamic behaviour of the rotor system. The analysis is presented through an extended Lagrangian Hamiltonian mechanics on the asymmetric rotor system, where symmetries are broken in terms of the rotor stiffness. The complete dynamics of asymmetries of rotor system is investigated with a case study. In this work, a mathematical model is ...
متن کامل