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Sustainable growth under physical constraints: optimal R&D, investment and replacement policies

Abstract : We consider the optimal control of nonlinear integral equations with endogenous delay and state constraints, which describe a developing economy subjected to resource constraints. The economy invests in new resource-efficient technologies, invests in new capital, and scraps obsolete capital. We derive the optimality condition and determine long-term asymptotically exponential trajectories that optimally combine scrapping the dirtiest capital and developing new clean technologies. Next, we study the short-term dynamics of the model and show that it leads to a sustainable growth with active resource constraint.
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Submitted on : Wednesday, February 22, 2017 - 5:25:19 PM
Last modification on : Saturday, October 3, 2020 - 3:14:27 AM

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  • HAL Id : hal-01474434, version 1

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Raouf Boucekkine, Natali Hritonenko, Yuri Yatsenko. Sustainable growth under physical constraints: optimal R&D, investment and replacement policies. Journal of Optimization Theory and Applications, Springer Verlag, 2014, 163 (1), pp.301--331. ⟨hal-01474434⟩

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