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Investigating a two-sector model of economic growth with the Cobb-Douglas production function

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Abstract

The optimum solution to a two-sector model of economic growth with the Cobb-Douglas production function is described. One of the phase coordinates is maximized at the end point of time. The planning horizon is finite, fixed, and sufficiently large. The solution is based on the Pontryagin maximum principle, which contains the necessary optimality conditions. The optimality of an extreme solution developed on the basis of the maximum is determined. A constructive description of the optimum solution is suggested.

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Authors and Affiliations

  1. Faculty of Computational Mathematics and Cybernetics, Moscow State University, Moscow, 119992, Russia

    U. N. Kiselev & M. V. Orlov

Authors
  1. U. N. Kiselev
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  2. M. V. Orlov
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Correspondence to U. N. Kiselev.

Additional information

Original Russian Text © U.N. Kiselev, M.V. Orlov, 2010, published in Vestnik Moskovskogo Universiteta. Vychislitel’naya Matematika i Kibernetika, 2010, No. 2, pp. 21–28.

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Kiselev, U.N., Orlov, M.V. Investigating a two-sector model of economic growth with the Cobb-Douglas production function. MoscowUniv.Comput.Math.Cybern. 34, 66–73 (2010). https://doi.org/10.3103/S0278641910020032

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  • DOI: https://doi.org/10.3103/S0278641910020032

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