The following information was submitted:
Transactions: WSEAS TRANSACTIONS ON MATHEMATICS
Transactions ID Number: 89-811
Full Name: Olivia Bundau
Position: Assistant
Age: ON
Sex: Female
Address: P-ta Victoriei, No. 2, 300004, Timisoara
Country: ROMANIA
Tel: 0040745667230
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E-mail address: sbundau@yahoo.com
Other E-mails: obundau@yahoo.com
Title of the Paper: Optimal conditions for the control problem associated to an economic growth process exposed to a risk factor
Authors as they appear in the Paper: Olivia Bundau, Adina Juratoni
Email addresses of all the authors: sbundau@yahoo.com, adinajuratoni@yahoo.com
Number of paper pages: 10
Abstract: The aim of this paper is to extend the study done by [6]. Here two different research lines have been joined together: the one studying an endogenous economical growth model in the case of which the occurrence of a disaster is possible, and the one analyzing the same model but with logistic population growth and the Cobb- Douglas production function. First economical growth model leads to an optimal control problem with an infinite horizon. For this problem we will prove that the solution of the optimal control problem verifies Euler-Lagrange's equation. Using these necessary conditions we will determine the consumption evolution equation. Also, we will prove a necessary optimality condition in terms of value function. In the second model we will analyze an economic growth process with logistic population growth and the Cobb-Douglas production function. The model is a version of the Ramsey model in the case of which the occurrence of a disaster is possible. Mathema!
tical modeling of this economical growth process leads to an optimal control problem with an infinite horizon. The necessary conditions for optimality are given.
Keywords: mathematical models applied in economies, Endogenous growth, Natural disaster, Logistic population
EXTENSION of the file: .pdf
Special (Invited) Session: The Analysis of a Mathematical Model Associated to an Economic Growth Process Exposed to a Risk Factor
Organizer of the Session: 634-140
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