6533b7d2fe1ef96bd125f3b8
RESEARCH PRODUCT
Special Functions for the Study of Economic Dynamics: The Case of the Lucas-Uzawa Model
Raouf BoucekkineJ. R. Ruiz TamaritJ. R. Ruiz Tamaritsubject
symbols.namesakeEndogenous growth theorySpecial functionsDimensionality reductionGaussiansymbolsContrast (statistics)Hypergeometric functionOptimal controlRepresentation (mathematics)Mathematical economicsMathematicsdescription
The special functions are intensively used in mathematical physics to solve differential systems. We argue that they should be most useful in economic dynamics, notably in the assessment of the transition dynamics of endogenous growth models. We illustrate our argument on the Lucas-Uzawa model, which we solve by the means of Gaussian hypergeometric functions. We show how the use of Gaussian hypergeometric functions allows for an explicit representation of the equilibrium dynamics of the variables in level. In contrast to the preexisting approaches, our method is global and does not rely on dimension reduction.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2004-01-01 | SSRN Electronic Journal |