Calculus of Variations and Geometric Measure Theory
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F. Santambrogio - A. Xepapadeas - A. Yannacopoulos

Spatial rational expectations equilibria in the Ramsey model of optimal growth

created by santambro on 14 Oct 2017

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Submitted Paper

Inserted: 14 oct 2017
Last Updated: 14 oct 2017

Year: 2017

Abstract:

t 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 parametric optimisation problem, the existence of spatial rational expectations equilibria is proved and they are characterised in terms of a nonlocal Euler-Lagrange equation.

Keywords: optimal control, general equilibrium, infinite-horizon, pontryagin principle, BV space


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