Lahore School of Economics

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The closed form solutions of two celebrated economic growth models via partial Hamiltonian approach

Dr. Rehana Naz, Associate Professor at the Centre for Mathematics and Statistical Sciences, Lahore School of Economics, presented her on-going research article on Economic growth theory at the 57th Annual Congress of the South African Mathematical Society held in Unisa Science Campus, Johannesburg, South Africa on October 29-31, 2014. She was invited as a guest speaker to a special session “Differential Equations, Continuum Mechanics and Applications” organized in honor of her PhD supervisor Professor David Mason’s 70th birthday.

Dr. Naz presented a paper titled “The closed form solutions of two celebrated economic growth models via partial Hamiltonian approach”. The partial Hamiltonian approach is algorithmic and applies to many state and costate variables of the current value Hamiltonian. The current value Hamiltonian systems arise for two celebrated Economic growth models: Ramsey model and Lucas-Uzawa model. The partial Hamiltonian approach is utilized to construct the closed form solutions to study dynamics of these models. The gross saving rate, growth rates of consumption and capital are derived for the Ramsey model with endogenous time preferences. For the Lucas-Uzawa model, closed form solutions are constructed to study several features associated with transitional dynamics of model.

Dr. Naz also visited University of Witwatersrand, Johannesburg South Africa on October 27-28, 2014 and interacted with researchers working on Lie group analysis.

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posted by S A J Shirazi @ 11/06/2014 09:57:00 AM,

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