A Nonlocal Spatial Ramsey Model with Endogenous Productivity Growth on Unbounded Spatial Domains

arXiv1909.02348MaRDI QIDQ6324732FDOQ6324732

Authors: L. Fredrick, G. Müller-Fürstenberger, Ekkehard W. Sachs, L. Somorowsky 

Publication date: 5 September 2019

Abstract: In the recent literature dealing with spatial extensions of the continuous Ramsey model, the capital accumulation process via time and space is modeled as a linear parabolic partial differential equation. The process of capital movement through space is described by a Laplace operator. This operator makes use of information on the capital distribution in the respective point and in an arbitrary small neighborhood. In this paper we introduce a new model that includes also nonlocal effects by means of a partial; integre-differential equation. In order to avoid dealing with appropriate boundary conditions we consider an unbounded domain in space. We address issues in the existence of solutions of the nonlinear PIDE and the resulting optimization problem.

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