Please use this identifier to cite or link to this item: http://hdl.handle.net/10995/102201
Title: Projection of the Russian economic development in the framework of the optimal control model by investments in fixed assets
Authors: Tarasyev, A. M.
Usova, A. A.
Shmotina, Yu. V.
Issue Date: 2014
Publisher: Institute of Economics, Ural Branch of the Russian Academy of Sciences
Citation: Tarasyev A. M. Projection of the Russian economic development in the framework of the optimal control model by investments in fixed assets / A. M. Tarasyev, A. A. Usova, Yu. V. Shmotina. — DOI 10.17059/2014-3-26 // Economy of Region. — 2014. — Iss. 3. — P. 265-273.
Abstract: In this paper, we develop an economic growth model taking into account two factors of production: fixed capital and labor force, to study the dynamics of GDP growth. The dependence of the output of these factors is described by a production function of the exponential type. Within the framework of the optimal control theory, the optimization problem for investment levels is being solved to maximize the integral index of consumption. We study the qualitative properties of optimal trajectories as solutions of the Hamiltonian systems arising in Pontryagin's maximum principle. The sensitivity analysis of the equilibrium solutions of the economic system is implemented with respect to the elasticity coefficients of the production function, the depreciation rate of the capital, and the discount factor, and growth trends are indicated. The econometric analysis of the model parameters is provided basing on real data for the Russian economy. In accordance with the results of the regression analysis, the projection of economic development is constructed in conditions of the applicability of the economic growth model. © Tarasyev A. M., Usova A. A., Shmotina Yu. V. Text. 2014.
Keywords: DYNAMIC MODELS OF ECONOMIC GROWTH
ECONOMIC EQUILIBRIUM
OPTIMAL CONTROL
PONTRYAGIN'S MAXIMUM PRINCIPLE
URI: http://hdl.handle.net/10995/102201
Access: info:eu-repo/semantics/openAccess
SCOPUS ID: 84991571927
PURE ID: 552658
2fdaf7ad-c23b-4f1d-ae98-6685c2cc25fb
ISSN: 20726414
DOI: 10.17059/2014-3-26
Appears in Collections:Научные публикации, проиндексированные в SCOPUS и WoS CC

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