Abstract
A dynamical model of optimal economic growth is used for the comparison of catalogs of real econometric data and synthetic growth scenarios. The model is calibrated on a database of the Tokyo Institute of Technology. Special attention is paid to the aggregated data of the Japanese manufacturing industry in the period 1960–92. A description of an algorithm modeling optimal trends in the technological dynamics is given.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
TARASYEV, A. M., and WATANABE, C., Optimal Dynamics of Innoûation in Models of Economic Growth, Journal of Optimization Theory and Applications, Vol. 61, pp. 175–203, 2000.
ARROW, K. J., Applications of Control Theory to Economic Growth, Production and Capital: Collected Papers, Belknap Press of Harvard University Press, Cambridge, Massachusetts, Vol. 5, pp. 261–296, 1985.
GROSSMAN, G. M., and HELPMAN, E., Innoûation and Growth in the Global Economy, MIT Press, Cambridge, Massachusetts, 1991.
INTRILIGATOR, M., Mathematical Optimization and Economic Theory, Prentice-Hall, New York, NY, 1971.
LEITMANN, G., and LEE, C. S., On One Aspect of Science Policy Based on an Uncertain Model, Annals of Operations Research, Vol. 88, pp. 199–214, 1999.
PONTRYAGIN, L. S., BOLTYANSKII, V. G., GAMKRELIDZE, R. V., and MISHCHENKO, E. F., The Mathematical Theory of Optimal Processes, Wiley-Interscience, New York, NY, 1962.
KRASOVSKII, A. N., and KRASOVSKII, N. N., Control under Lack of Information, Birkhaüser, Boston, Massachusetts, 1995.
SUBBOTIN, A. I., Generalized Solutions for First-Order PDE, Birkhaüser, Boston, Massachusetts, 1995.
CHERNOUSKO, F. L., State Estimation for Dynamic Systems, CRC Press, Boca Raton, Florida, 1994.
WATANABE, C., Trends in the Substitution of Production Factors to Technology: Empirical Analysis of the Inducing Impact of the Energy Crisis on Japanese Industrial Technology, Research Policy, Vol. 21, pp. 481–505, 1992.
BORISOV, V. F., HUTSCHENREITER, G., and KRYAZHIMSKII, A. V., Asymptotic Growth Rates in Knowledge-Exchanging Economies, Annals of Operations Research, Vol. 89, pp. 61–73, 1999.
DOLCETTA, I. C., On a Discrete Approximation of the Hamilton-Jacobi Equation of Dynamic Programming, Applied Mathematics and Optimization, Vol. 10, pp. 367–377, 1983.
FEICHTINGER, G., and WIRL, F., Instabilities in Concaûe, Dynamic, Economic Optimization, Journal of Optimization Theory and Applications, Vol. 107, pp. 277–288, 2000.
TARASYEV, A. M., Control Synthesis in Grid Schemes for Hamilton-Jacobi Equations, Annals of Operations Research, Vol. 88, pp. 337–359, 1999.
HARTMAN, P. H., Ordinary Differential Equations, J. Wiley and Sons, New York, NY, 1964.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Reshmin, S., Tarasyev, A. & Watanabe, C. Optimal Trajectories of the Innovation Process and Their Matching with Econometric Data. Journal of Optimization Theory and Applications 112, 639–655 (2002). https://doi.org/10.1023/A:1017924301798
Issue Date:
DOI: https://doi.org/10.1023/A:1017924301798