An optimal control problem of an economic system with two criteria is considered in the paper. The Solow model of economic growth is used. Rate of consumption is a control variable, quality vector criterion is a discounted utility in the long-term and near-term. Pontryagin’s maximum principle is applied to the single criteria problem with weighted sum of two functionals. The existence of the so...

The objective of this paper is to examine the performance of post-war Japanese economy using a production function of economic growth model. The basic framework is a variation of aggregate production function used by Solow (1956), Mankiw, Romer, and Weil (1992), etc. We consider the Cobb=Douglas production function with private capital, public capital, human capital and labour as inputs, so pro...

the prime objective of the study is to identify the long-run and short-run relationship between indian stock price viz., bse sensex (hereafter named as bse) and gold price (gold) in india. the daily closing price data were collected for the period of ten years ranging from 1st april 2004 to 31st march 2014 with 2490 observations. the study employed two models: model one used gold as dependent v...

In this paper the classical Solow model is extended, by considering spatial dependence of the physical capital and population dynamics, and by introducing a nonconcave production function. The physical capital and population evolution equations are governed by semilinear parabolic differential equations which describe their evolution over time and space. The convergence to a steady state accord...

The Nash bargaining solution (NBS) has long been used to model wage negotiations between firms and unions examples include de Menil (1971), McDonald and Solow (1981), Nickell and Andrews (1983), Anderson and Devereux (1989), Dowrick (1989, 1990), Leslie (1990) and Hoel (1990). Much of this research has chosen quite arbitrary values for the parameters of the NBS the status-quo point and the barg...

We analyse the two-dimensional Nash bargaining solution (NBS) by deploying standard labour market negotiations model of McDonald and Solow. show that problem can be decomposed into two one-dimensional problems, such solutions together replicate if NBS is applied. The axiom “independence irrelevant alternatives” shown to crucial for this type decomposability. This result has significant implicat...

This paper considers the conditional sum of squares estimator (CSSE) for the moderate deviation MA(1) process that has the parameter of the MA(1) with the distance between the parameter and unity being larger than O(T−1). We show that the asymptotic distribution of the CSSE is normal, even though the process belongs to the local-tounity class. The convergence rate continuously changes from an i...

the results of standard and augmented surgical treatment of partial accommodative esotropia have been compared in this study.in this sequential matched randomized double blind clinical trial, we studied 48 patients (96 eyes) with partial accommodative esotropia between the ages of 13 to to 144 months, referring to strabismus clinic of farabi eye hospital between 1999-2000. these patients were g...

Since the 2005 demonstration of optimal topological chaos in a particular instance of the 2-sector RSS model, the delineation of the optimal policy function for “small” discount factors has remained open. This paper (i) provides an explicit solution when the discount factor is less than the labor/capital-output ratio, (ii) establishes the existence of optimal topological chaos for a non-negligi...