Spatial rational expectations equilibria in the Ramsey model of optimal growth
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Publication:6292890
arXiv1710.08110MaRDI QIDQ6292890FDOQ6292890
Athanasios Yannacopoulos, Filippo Santambrogio, Anastasios Xepapadeas
Publication date: 23 October 2017
Abstract: It is the aim of this work provide a rigorous treatment concerning the formation of spatial rational expectations equlibria in a general class of spatial economic models under the effect of externalities, using techniques from the calculus of variations. Using detailed estimates for a para-metric optimisation problem, the existence of spatial rational expectations equilibria is proved and they are characterised in terms of a nonlocal Euler-Lagrange equation.
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