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.

The Ramsey model with logistic population growth and Benthamite felicity function

GUERRINI, LUCA
2009

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.
2009
RECENT ADVANCES in MATHEMATICS and COMPUTERS in BUSINESS and ECONOMICS
231
234
Ferrara M.; Guerrini L.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/81773
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