Closed-form solutions of Lucas-Uzawa model with externalities via partial Hamiltonian approach

DOI10.1007/S40314-018-0622-6MaRDI QIDQ1993500zbMATH OpenOpenAlexFDO

Authors Azam Chaudhry, R. Naz

Publication date 5 November 2018

Published in Computational and Applied Mathematics (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1709.05787

zbMATH Keywords

current-value Hamiltonianeconomic growthLucas-Uzawa model with externalitiesmultiplicitypartial Hamiltonian approach

Mathematics Subject Classification ID

Dynamical systems in optimization and economics (37N40) Symmetry analysis, Lie group and Lie algebra methods applied to problems in fluid mechanics (76M60) Exact solutions to problems in general relativity and gravitational theory (83C15)

Abstract: In this paper, we establish multiple closed-form solutions for all the variables in the Lucas-Uzawa model with externalities for the case with no parameter restrictions as well as for cases with specific parameter restrictions. These multiple solutions are derived with the help of the results derived in Naz et al (2016); Naz and Chaudhry (2017). This multiplicity of solutions is new to the economic growth literature on Lucas-Uzawa model with externalities. After finding solutions for the Lucas-Uzawa model with externalities, we use these solutions to derive the growth rates of all the variables in the system which enables us to fully describe the dynamics of the model. The multiple solutions can potentially explain why some countries economically overtake other countries even though they start from the same initial conditions.

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Cites work

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Cited in

(14)

• A note on the closed-form solution to the Lucas-Uzawa model with externality
• Closed-form solutions for the Lucas-Uzawa growth model with logarithmic utility preferences via the partial Hamiltonian approach
• The closed-form solutions for finance-extended Lucas-Uzawa model
• Closed-form solutions for the Lucas-Uzawa model of economic growth via the partial Hamiltonian approach
• Special functions for the study of economic dynamics: the case of the Lucas-Uzawa model
• ON THE SOLUTIONS OF THE LUCAS-UZAWA MODEL
• Comparison of closed-form solutions for the Lucas-Uzawa model via the partial Hamiltonian approach and the classical approach
• Closed-form solutions of two-sector Romer model of endogenous growth using partial Hamiltonian approach
• First integrals and exact solutions of a class of nonlinear systems
• On sufficiency issues, first integrals and exact solutions of Uzawa-Lucas model with unskilled labor
• First integrals of Hamiltonian systems: the inverse problem
• On group analysis of optimal control problems in economic growth models
• The closed-form solution for a family of four-dimension nonlinear MHDS
• A closed-form solution of the Uzawa-Lucas model of endogenous growth

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