IAMA, Lecture #5 The Ramsey Model, I
Overview:
• Review of last time
• Motivation for Ramsey’s idea: A Bridge from OLG
• Writing down the Ramsey problem
• The Maximum Principle and formulation of the Hamiltonian (function)
• Necessary conditions for optimum
• Phase diagram and saddle stability: A diagrammatic approach to dynamics
by Prof. Burda
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