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This makes it also more similar to equation (50) of Merton [1983], as he does not address the accumulation of physical capital.
Note that Merton [1983] has a less rigorous approach concerning the notation and does hence not use primes for the structural parameters.
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© 2006 Springer-Verlag Berlin Heidelberg
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(2006). Replication with PAYGO. In: Pensionomics. Lecture Notes in Economics and Mathematical Systems, vol 572. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-34669-4_4
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DOI: https://doi.org/10.1007/3-540-34669-4_4
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