On Ramsey Dynamical Model and Closed-Form Solutions

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Polat G. G., Özer T.

JOURNAL OF NONLINEAR MATHEMATICAL PHYSICS, vol.28, no.2, pp.209-218, 2021 (SCI-Expanded) identifier identifier

  • Publication Type: Article / Article
  • Volume: 28 Issue: 2
  • Publication Date: 2021
  • Doi Number: 10.2991/jnmp.k.210103.001
  • Journal Name: JOURNAL OF NONLINEAR MATHEMATICAL PHYSICS
  • Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Scopus, Academic Search Premier, INSPEC, MathSciNet, zbMATH
  • Page Numbers: pp.209-218
  • Istanbul Kültür University Affiliated: Yes

Abstract

This study focuses on the analysis of Ramsey dynamical model with current Hamiltonian defining an optimal control problem in a neoclassical growth model by utilizing Lie group theory. Lie point symmetries of coupled nonlinear first-order ordinary differential equations corresponding to first-order conditions of maximum principle are analyzed and then first integrals and corresponding closed-form (analytical) solutions are determined by using Lie point symmetries in conjunction with Prelle-Singer and Jacobi last multiplier methods. Additionally, associated lambda-symmetries, adjoint symmetries, Darboux polynomials, and the properties of the model are represented. (C) 2021 The Authors. Published by Atlantis Press B.V.