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EnglishThis paper evaluates the effects of a Benthamite formulation for the utility function into the Ramsey model with logistic population growth, introduced by Brida and Accinelli (2007). Within this framework, we demonstrate the economy to be described by a four dimensional dynamical system, whose unique non-trivial steady state equilibrium is a saddle point with a two dimensional stable manifold. Two stable roots, rather than only one as in basic neoclassical models, now determine the speed of convergence.
| Titolo: | The Ramsey model with logistic population growth and Benthamite felicity function |
| Autore/i: | Ferrara M.; GUERRINI, LUCA |
| Autore/i Unibo: | |
| Anno: | 2009 |
| Titolo del libro: | RECENT ADVANCES in MATHEMATICS and COMPUTERS in BUSINESS and ECONOMICS |
| Pagina iniziale: | 231 |
| Pagina finale: | 234 |
| Abstract: | This paper evaluates the effects of a Benthamite formulation for the utility function into the Ramsey model with logistic population growth, introduced by Brida and Accinelli (2007). Within this framework, we demonstrate the economy to be described by a four dimensional dynamical system, whose unique non-trivial steady state equilibrium is a saddle point with a two dimensional stable manifold. Two stable roots, rather than only one as in basic neoclassical models, now determine the speed of convergence. |
| Data prodotto definitivo in UGOV: | 22-dic-2009 |
| Appare nelle tipologie: | 4.01 Contributo in Atti di convegno |
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