Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Research › peer-review
Approach to Optimal Control in the Economic Growth Model with a Nonlinear Production Function. / Бойко, Алина Владимировна; Смирнов, Николай Васильевич.
Proceedings of the 3rd International Conference on Applications in Information Technology, ICAIT 2018. ed. / Klyuev Vitaly; Pyshkin Evgeny; Natalia Bogach. Association for Computing Machinery, 2018. p. 85-89 (ACM International Conference Proceeding Series).Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Research › peer-review
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TY - GEN
T1 - Approach to Optimal Control in the Economic Growth Model with a Nonlinear Production Function
AU - Бойко, Алина Владимировна
AU - Смирнов, Николай Васильевич
N1 - Conference code: 3
PY - 2018/11/1
Y1 - 2018/11/1
N2 - In this paper, we analyze a neoclassical model of economic growth. Such models are widely used for the analysis of macroeconomic processes. One of the important elements of the growth model is a production function, which relates an output production to quantities of inputs (capital, labor, etc.). Considering the dynamic variant of the model, we use the nonlinear dynamized Cobb -- Douglas production function. The main economic objective of this work is to show how to effectively manage the consumption policy to maximize the final capital and the total consumption. We reduce this problem to a dynamic nonlinear problem of optimal control. Its solution is constructed by R. Gabasov's adaptive method. We construct the optimal control (consumption policy) in the class of piecewise-constant functions. Numerical experiments are carried out to prove the reliability and efficiency of the approach. A software package is developed in the MATLAB environment.
AB - In this paper, we analyze a neoclassical model of economic growth. Such models are widely used for the analysis of macroeconomic processes. One of the important elements of the growth model is a production function, which relates an output production to quantities of inputs (capital, labor, etc.). Considering the dynamic variant of the model, we use the nonlinear dynamized Cobb -- Douglas production function. The main economic objective of this work is to show how to effectively manage the consumption policy to maximize the final capital and the total consumption. We reduce this problem to a dynamic nonlinear problem of optimal control. Its solution is constructed by R. Gabasov's adaptive method. We construct the optimal control (consumption policy) in the class of piecewise-constant functions. Numerical experiments are carried out to prove the reliability and efficiency of the approach. A software package is developed in the MATLAB environment.
KW - Economic growth model
KW - Nonlinear systems
KW - Optimal control
KW - Production function
UR - https://dl.acm.org/citation.cfm?id=3274874
UR - https://proxy.library.spbu.ru:2090/record/display.uri?eid=2-s2.0-85058619528&origin=resultslist&sort=plf-f&src=s&st1=&st2=&nlo=1&nlr=20&nls=afprfnm-t&sid=bc7b1d05ad28481170bd4379d79c75f9&sot=anl&sdt=aut&sl=40&s=AU-ID%28%22Smirnov%2c+Nikolay+V.%22+56213797400%29&relpos=0&citeCnt=0&searchTerm=
U2 - 10.1145/3274856.3274874
DO - 10.1145/3274856.3274874
M3 - Conference contribution
T3 - ACM International Conference Proceeding Series
SP - 85
EP - 89
BT - Proceedings of the 3rd International Conference on Applications in Information Technology, ICAIT 2018
A2 - Vitaly, Klyuev
A2 - Evgeny, Pyshkin
A2 - Bogach, Natalia
PB - Association for Computing Machinery
T2 - International Conference on Applications in Information Technology
Y2 - 1 November 2018 through 3 November 2018
ER -
ID: 36314990