Title :
The stochastic optimal control model for China´s optimum economic growth
Author :
Wu Guo-fu ; Chen Sen-fa ; Chen, Sen-Fa ; Tao, Chen
Author_Institution :
Sch. of Econ. & Manage., Southeast Univ., Nanjing, China
Abstract :
On the stochastic models of economic optimization of Prof. Chen M F, this paper chooses Prescott´s paradigm to analyze China´s optimum economic growth, finds a stochastic optimal control model for China´s economic growth, acquires a worthy Euler equation of this model, and gives the optimal numerical solution of this model, which would help planners could easily allocate investment of capital and labor on China´s economy best.
Keywords :
investment; macroeconomics; optimal control; stochastic programming; China; Euler equation; Prescott paradigm; capital investment; economic growth; labor investment; stochastic optimal control model; Educational institutions; Yttrium; China´s economy; Prescott´s paradigm; optimum economic growth; stochastic optimal control model;
Conference_Titel :
Computer Application and System Modeling (ICCASM), 2010 International Conference on
Conference_Location :
Taiyuan
Print_ISBN :
978-1-4244-7235-2
Electronic_ISBN :
978-1-4244-7237-6
DOI :
10.1109/ICCASM.2010.5619123