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The Ramsey optimal growth model on finite horizon. (English) Zbl 1150.91032

Summary: In this paper the Ramsey optimal growth of the capital stock and consumption is analyzed on finite horizon. This analysis reveals analogies and differences with respect to the growth on infinite horizon. The main purpose is the approximation of the optimal capital stock and consumption evolution on infinite horizon by optimal capital stock and consumption evolution on finite horizon which can be numerically computed.

MSC:

91B62 Economic growth models
91B74 Economic models of real-world systems (e.g., electricity markets, etc.)
91B28 Finance etc. (MSC2000)
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