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arXiv · 1710.08110

Spatial rational expectations equilibria in the Ramsey model of optimal growth

Filippo Santambrogio·A Xepapadeas·A Yannacopoulos
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Abstract

It is the aim of this work provide a rigorous treatment concerning the formation of spatial rational expectations equlibria in a general class of spatial economic models under the effect of externalities, using techniques from the calculus of variations. Using detailed estimates for a para-metric optimisation problem, the existence of spatial rational expectations equilibria is proved and they are characterised in terms of a nonlocal Euler-Lagrange equation.

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Filippo Santambrogio, A Xepapadeas, A Yannacopoulos. 2017-10-23. Spatial rational expectations equilibria in the Ramsey model of optimal growth. https://arxiv.org/abs/1710.08110

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