A partial Hamiltonian approach for current value Hamiltonian systems

DOI10.1016/J.CNSNS.2014.03.023MaRDI QIDQ2300277zbMATH OpenOpenAlexFDO

Authors Yanyan Li

Publication date 27 February 2020

Published in Communications in Nonlinear Science and Numerical Simulation (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1306.2740

zbMATH Keywords

current value Hamiltonianeconomic growth modelspartial Hamiltonian approach

Mathematics Subject Classification ID

Dynamical aspects of finite-dimensional Hamiltonian and Lagrangian systems (37J99) Economic growth models (91B62)

Abstract: We develop a partial Hamiltonian framework to obtain reductions and closed-form solutions via first integrals of current value Hamiltonian systems of ordinary differential equations (ODEs). The approach is algorithmic and applies to many state and costate variables of the current value Hamiltonian. However, we apply the method to models with one control, one state and one costate variable to illustrate its effectiveness. The current value Hamiltonian systems arise in economic growth theory and other economic models. We explain our approach with the help of a simple illustrative example and then apply it to two widely used economic growth models: the Ramsey model with a constant relative risk aversion (CRRA) utility function and Cobb Douglas technology and a one-sector AK model of endogenous growth are considered. We show that our newly developed systematic approach can be used to deduce results given in the literature and also to find new solutions.

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Cited in

(26)

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• ON THE SOLUTIONS OF THE LUCAS-UZAWA MODEL
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• A current-value Hamiltonian approach to discrete-time optimal control problems in economic growth theory
• The group-theoretical analysis of nonlinear optimal control problems with Hamiltonian formalism
• Analytical approaches for growth models in economics
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• Closed‐form solutions of an economic growth model of tourism
• The first integrals and closed‐form solutions of a Susceptible‐Exposed‐Infectious epidemic model
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• On sufficiency issues, first integrals and exact solutions of Uzawa-Lucas model with unskilled labor
• First integrals of Hamiltonian systems: the inverse problem
• Exact solutions of a Black-Scholes model with time-dependent parameters by utilizing potential symmetries
• On group analysis of optimal control problems in economic growth models

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