|
EconStor >
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim >
ZEW Discussion Papers >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/24121
|
| | |
| Title: | | On the Transition from Instantaneous to Time-Lagged Capital Accumilation: The Case of Leontief Type Production Functions  |
| Authors: | | Winkler, Ralph Brandt-Pollmann, Ulrich Moslener, Ulf Schlöder, Johannes |
| Issue Date: | | 2005 |
| Series/Report no.: | | ZEW Discussion Papers 05-30 |
| Abstract: | | We formulate an optimal control capital accumulation model with a Leontief-type production function and an exogenously given time-lag between investment and the accumulation of the capital stock, to analyze the qualitative and quantitative influence of time-lags on the system dynamics. As known from the time-to-build literature, optimal investment paths for positive and finite time-lags are in general cyclical, in contrast to the monotonic optimal paths for instantaneous capital accumulation. We show that the transition between instantaneous and time-lagged capital accumulation is continuous, in the sense that the greater is the time-lag between investment and capital accumulation, the more likely and more pronounced becomes cyclical behavior of the optimal paths. |
| Subjects: | | cyclical optimal paths numerical optimization time-lagged optimal control time-to-build |
| JEL: | | E32 C61 C63 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/24121
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|