Economists’ Mathematical Manual

Sydsæter, Knut; Strøm, Arne; Berck, Peter

doi:10.1007/978-3-540-28518-2

Cited by 43 publications

(24 citation statements)

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“…Hence these first-order conditions give a global maximum of the Hamiltonian in the control variables, and c χ . The Hamiltonian is jointly concave 5 in the two control variables and the state variable, wealth, and hence satisfies the Mangasarian condition for our set of equations to give a maximum for the dynamic programming problem (see Sydsaeter, Strøm and Berck 2000).…”

Section: T W T W H T Z V H T Z T U C T W T W H T Z V H T Z T U C T W mentioning

confidence: 98%

A Theory of Retirement

Bloom¹,

Canning²,

Moore³

2007

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Section: T W T W H T Z V H T Z T U C T W T W H T Z V H T Z T U C T W mentioning

confidence: 98%

A Theory of Retirement

Bloom¹,

Canning²,

Moore³

2007

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“…while According to Taylor's theorem (see for example Sydsaeter et al (1991)), for any function f that is twice continuously differentiable, there exists µ ∈ (0, 1) such that…”

Section: Production With Optimal Replicationmentioning

confidence: 99%

An Endogenously Derived Ak Model of Economic Growth

Jensen

2018

Macroecon. Dynam.

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Assuming a production process with returns to scale that vary with the intensity it is operated at, an AK-model of endogenous growth with constant returns to scale in production is shown to arise due to replication driven by profit-maximization. If replication occurs at the efficiency-maximizing scale, the result applies also when the number of production processes must be discrete, thus overcoming the so-called integer problem. When competition is imperfect, there is only convergence toward the AK-model for large enough input use, so an economy is more prone to stalling in a steady-state without growth, the smaller and less competitive it is. Inefficient scaling also raises the risk of stalling. JEL Codes: O11; O40

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“…those with more than one household member, does not define individual WTP. The estimated price change should therefore be: (i) recalculated into an annuity and, assuming eternal life of the property, the estimated value is multiplied by the real discount factor, r, [68] and (ii) divided by the number of household members that the WTP refers to, n. Moreover, Eq. 2 ignores the effect of a property tax.…”

Section: Noise Evaluation Modelmentioning

confidence: 99%

Benefit measures for noise abatement: calculations for road and rail traffic noise

Andersson

Jönsson

Ögren

2013

Eur. Transp. Res. Rev.

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Purpose The aim of this study is to estimate monetary abatement values for road and rail traffic noise that can be used for policy purposes. However, a main objective is to critically discuss the assumptions necessary to convert the monetary values elicited in willingness to pay (WTP) studies to values than can be use for policy purposes. Methods We employ the hedonic regression technique on Swedish data to elicit individuals' preferences for noise abatement. Our elicited values are then converted to policy values and critically examined based on findings from a literature review. Results We show that WTP for road and rail not only differs in levels but also that the relationship between the noise level and the marginal value differs between the two sources. We also show that a health cost component added to the WTP estimate, based on the assumption of uninformed property buyers, will be small but not negligible and that also modest differences in the assumption of the discount rates will have a significant effect on the estimated values. Conclusions The main implications from this study are: (i) WTP for road and railway noise abatement differs not only on absolute but also marginal levels, (ii) Even small differences in the chosen discount rate, which is necessary to convert WTP values from a hedonic price study to policy values, have large effects on the policy values, and (iii) We show how to add a health cost component to the WTP estimates in order for the monetary estimates to reflect the total social cost. However, we argue that the motivation for doing so is weak and that more research is needed on this issue.

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Economists’ Mathematical Manual

Cited by 43 publications

References 0 publications

A Theory of Retirement

A Theory of Retirement

An Endogenously Derived Ak Model of Economic Growth

Benefit measures for noise abatement: calculations for road and rail traffic noise

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