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 / Ferrara M.; Guerrini L.. - STAMPA. - (2009), pp. 231-234. (Intervento presentato al convegno Proceedings of the 10th WSEAS International Conference on MATHEMATICS and COMPUTERS in BUSINESS and ECONOMICS (MCBE'09) tenutosi a Prague, Czech Republic nel Marzo 23-25, 2009).
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.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.