SOLOW MODELS ON TIME SCALES

We introduce a general Solow model on time scales and derive a nonlinear first-order dynamic equation that describes such a model. We first assume that there is neither technological development nor a change in the population. We present the Cobb- Douglas production function on time scales and use i...

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Autores principales:	Bohner,Martin, Heim,Julius, Liu,Ailian
Lenguaje:	English
Publicado:	Universidad de La Frontera. Departamento de Matemática y Estadística. 2013
Materias:	Time scales Solow model dynamic equation Cobb-Douglas production function economics
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-06462013000100002
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spelling	oai:scielo:S0719-064620130001000022018-10-08SOLOW MODELS ON TIME SCALESBohner,MartinHeim,JuliusLiu,Ailian Time scales Solow model dynamic equation Cobb-Douglas production function economics We introduce a general Solow model on time scales and derive a nonlinear first-order dynamic equation that describes such a model. We first assume that there is neither technological development nor a change in the population. We present the Cobb- Douglas production function on time scales and use it to give the solution for the equation that describes the model. Next, we provide several applications of the generalized Solow model. Finally, we generalize our work by allowing technological development and population growth. The presented results not only unify the continuous and the discrete Solow models but also extend them to other cases "in between", e.g., a quantum calculus version of the Solow model. Finally it is also noted that our results even generalize the classical continuous and discrete Solow models since we allow the savings rate, the depreciation factor of goods, the growth rate of the population, and the technological growth rates to be functions of time rather than taking constant values as in the classical Solow models.info:eu-repo/semantics/openAccessUniversidad de La Frontera. Departamento de Matemática y Estadística.Cubo (Temuco) v.15 n.1 20132013-03-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-06462013000100002en10.4067/S0719-06462013000100002
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Time scales Solow model dynamic equation Cobb-Douglas production function economics
spellingShingle	Time scales Solow model dynamic equation Cobb-Douglas production function economics Bohner,Martin Heim,Julius Liu,Ailian SOLOW MODELS ON TIME SCALES
description	We introduce a general Solow model on time scales and derive a nonlinear first-order dynamic equation that describes such a model. We first assume that there is neither technological development nor a change in the population. We present the Cobb- Douglas production function on time scales and use it to give the solution for the equation that describes the model. Next, we provide several applications of the generalized Solow model. Finally, we generalize our work by allowing technological development and population growth. The presented results not only unify the continuous and the discrete Solow models but also extend them to other cases "in between", e.g., a quantum calculus version of the Solow model. Finally it is also noted that our results even generalize the classical continuous and discrete Solow models since we allow the savings rate, the depreciation factor of goods, the growth rate of the population, and the technological growth rates to be functions of time rather than taking constant values as in the classical Solow models.
author	Bohner,Martin Heim,Julius Liu,Ailian
author_facet	Bohner,Martin Heim,Julius Liu,Ailian
author_sort	Bohner,Martin
title	SOLOW MODELS ON TIME SCALES
title_short	SOLOW MODELS ON TIME SCALES
title_full	SOLOW MODELS ON TIME SCALES
title_fullStr	SOLOW MODELS ON TIME SCALES
title_full_unstemmed	SOLOW MODELS ON TIME SCALES
title_sort	solow models on time scales
publisher	Universidad de La Frontera. Departamento de Matemática y Estadística.
publishDate	2013
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-06462013000100002
work_keys_str_mv	AT bohnermartin solowmodelsontimescales AT heimjulius solowmodelsontimescales AT liuailian solowmodelsontimescales
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SOLOW MODELS ON TIME SCALES

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