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Economic Modelling
Article
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Economic Modelling
Article . 2008 . Peer-reviewed
License: Elsevier TDM
Data sources: Crossref
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Uncertainty and economic growth in a stochastic R&D model

Authors: Wu, Fuke; Mao, Xuerong; Yin, Juliang;

Uncertainty and economic growth in a stochastic R&D model

Abstract

The paper examines an R&D model with uncertainty from the population growth, which is a stochastic cooperative Lotka-Volterra system, and obtains a suciently condition for the existence of the globally positive solution. The long-run growth rate of the economic system is ultimately bounded in mean and fluctuation of its growth will not be faster than the polynomial growth. When uncertainty of the population growth, in comparison with its expectation, is suciently large, the growth rate of the technological progress andthe capital accumulation will converge to zero. Inversely, when uncertainty of the population growth is suciently small or its expected growth rate is suciently high, the economic growth rate will not decay faster than the polyno-mial speed. The paper explicitly computes the sample average of the growth rates of both the technology and the capital accumulation in time and compares them with their counterparts in the corresponding deterministic model.

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Keywords

330, QA, Mathematics

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
2
Average
Average
Average
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bronze