Shape-preserving computation in economic growth models

Sheng Pen Wang

doi:10.1016/S0305-0548(99)00152-5

Shape-preserving computation in economic growth models

Sheng Pen Wang^*

^*Corresponding author for this work

Department of Industrial and Business Management

Research output: Contribution to journal › Journal Article › peer-review

1 Scopus citations

Abstract

We point out the shape characteristics-monotonicity and concavity-of the value functions of optimal economic growth problems. We introduce the concept of shape preservation in approximating the value functions. We also present a shape-preserving algorithm to compute the solutions of continuous-state optimal economic growth problems. Numerical results show that shape-preserving interpolation methods are superior to others with less-sophisticated interpolation in the sense of smaller approximation errors.

Original language	English
Pages (from-to)	637-647
Number of pages	11
Journal	Computers and Operations Research
Volume	28
Issue number	7
DOIs	https://doi.org/10.1016/S0305-0548(99)00152-5
State	Published - 06 2001

Keywords

Bellman's equation
Dynamic programming
Optimal economic growth
Shape-preserving interpolation

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1016/S0305-0548(99)00152-5

Cite this

@article{22183b8133d74d08b5b9e7ad857afcf3,

title = "Shape-preserving computation in economic growth models",

abstract = "We point out the shape characteristics-monotonicity and concavity-of the value functions of optimal economic growth problems. We introduce the concept of shape preservation in approximating the value functions. We also present a shape-preserving algorithm to compute the solutions of continuous-state optimal economic growth problems. Numerical results show that shape-preserving interpolation methods are superior to others with less-sophisticated interpolation in the sense of smaller approximation errors.",

keywords = "Bellman's equation, Dynamic programming, Optimal economic growth, Shape-preserving interpolation",

author = "Wang, {Sheng Pen}",

year = "2001",

month = jun,

doi = "10.1016/S0305-0548(99)00152-5",

language = "英语",

volume = "28",

pages = "637--647",

journal = "Computers and Operations Research",

issn = "0305-0548",

publisher = "Elsevier Ltd",

number = "7",

}

TY - JOUR

T1 - Shape-preserving computation in economic growth models

AU - Wang, Sheng Pen

PY - 2001/6

Y1 - 2001/6

N2 - We point out the shape characteristics-monotonicity and concavity-of the value functions of optimal economic growth problems. We introduce the concept of shape preservation in approximating the value functions. We also present a shape-preserving algorithm to compute the solutions of continuous-state optimal economic growth problems. Numerical results show that shape-preserving interpolation methods are superior to others with less-sophisticated interpolation in the sense of smaller approximation errors.

AB - We point out the shape characteristics-monotonicity and concavity-of the value functions of optimal economic growth problems. We introduce the concept of shape preservation in approximating the value functions. We also present a shape-preserving algorithm to compute the solutions of continuous-state optimal economic growth problems. Numerical results show that shape-preserving interpolation methods are superior to others with less-sophisticated interpolation in the sense of smaller approximation errors.

KW - Bellman's equation

KW - Dynamic programming

KW - Optimal economic growth

KW - Shape-preserving interpolation

UR - http://www.scopus.com/inward/record.url?scp=0035371738&partnerID=8YFLogxK

U2 - 10.1016/S0305-0548(99)00152-5

DO - 10.1016/S0305-0548(99)00152-5

M3 - 文章

AN - SCOPUS:0035371738

SN - 0305-0548

VL - 28

SP - 637

EP - 647

JO - Computers and Operations Research

JF - Computers and Operations Research

IS - 7

ER -

Shape-preserving computation in economic growth models

Abstract

Keywords

UN SDGs

Access to Document

Other files and links

Fingerprint

Cite this