On Ramsey Dynamical Model and Closed-Form Solutions
- https://doi.org/10.2991/jnmp.k.210103.001How to use a DOI?
- Ramsey dynamical model, economic growth models, Lie point symmetries, Prelle-Singer approach, Jacobi last multiplier, Hamiltonian dynamics, closed-form solutions
This study focuses on the analysis of Ramsey dynamical model with current Hamiltonian defining an optimal control problem in a neoclassical growth model by utilizing Lie group theory. Lie point symmetries of coupled nonlinear first-order ordinary differential equations corresponding to first-order conditions of maximum principle are analyzed and then first integrals and corresponding closed-form (analytical) solutions are determined by using Lie point symmetries in conjunction with Prelle-Singer and Jacobi last multiplier methods. Additionally, associated λ-symmetries, adjoint symmetries, Darboux polynomials, and the properties of the model are represented.
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Cite this article
TY - JOUR AU - Gülden Gün Polat AU - Teoman Özer PY - 2021 DA - 2021/01 TI - On Ramsey Dynamical Model and Closed-Form Solutions JO - Journal of Nonlinear Mathematical Physics SN - 1776-0852 UR - https://doi.org/10.2991/jnmp.k.210103.001 DO - https://doi.org/10.2991/jnmp.k.210103.001 ID - Polat2021 ER -