Existence of solutions in continuous-time optimal growth models (Q946364): Difference between revisions

Continuous time optimization problems are studied as variational problems. The main goal is to prove the existence of the solution. Here, the authors propose an original existence theorem whose conditions can be easily verified in various models of neoclassical growth or endogenous growth. The original Fatou's lemma is generalized for the several dimensions case. The Ramsey model with endogenous labor, Romer model and the Lucas model with human capital are studied as applications.