Parametric Analysis of the Sensitivity of a Functional on the Basis of the Non-Classical Model of Optimal Economic Growth

We study the sensitivity of a functional on the basis of the macroeconomic model. This analysis is a calculation of the derivative with respect to the parameters of the functional characterizing the optimal trajectory. To solve this problem, we apply an approach using conjugate functions and bring the results down to concrete computations. As the model we use a neoclassical model of optimal economic growth and estimate the sensitivity with the growth rate of civilian labor force of national economies in three European countries. Our results can be recommended for analysis and practical use by the relevant authorities. Since the ultimate goal of modeling is to consider feasible alternatives when making decisions, such analysis can be useful.

Keywords

Sensitivity, optimal control, single-sector model, economic growth, production function

Received

29.09.2018

Publication date

29.09.2018

Number of characters

799

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GOST	Klepfish B. Parametric Analysis of the Sensitivity of a Functional on the Basis of the Non-Classical Model of Optimal Economic Growth // Avtomatika i Telemekhanika – 2018. – Issue 7 C. 138-148 [Electronic resource]. URL: http://ras.jes.su/ait/s000523100000272-3-1-en (circulation date: 20.04.2024). DOI: 10.31857/S000523100000272-3
MLA	Klepfish, Boris "Parametric Analysis of the Sensitivity of a Functional on the Basis of the Non-Classical Model of Optimal Economic Growth." Avtomatika i Telemekhanika 7 (2018):138-148. DOI: 10.31857/S000523100000272-3
APA	Klepfish B. (2018). Parametric Analysis of the Sensitivity of a Functional on the Basis of the Non-Classical Model of Optimal Economic Growth. Avtomatika i Telemekhanika (7), pp.138-148 DOI: 10.31857/S000523100000272-3

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