Fitting differential equation models to observed economic data—I. quasilinearization |
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Authors: | Jay Helms Harriet Kagiwada Robert Kalaba John Niedercorn |
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Institution: | Department of Economics University of Southern California Los Angeles, California 90007, USA |
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Abstract: | This paper discusses the fitting of differential equation models to economic data. In particular, it treats the problem of describing the growth of capital in terms of a differential equation containing several parameters. The parameters are to be estimated on the basis of data. This estimation problem is formulated as a nonlinear boundary value problem. The rapidly convergent successive approximation method of quasilinearization is described and applied. Representative results of numerical experiments are presented, showing the effectiveness of the approach. Suggestions for additional studies are made. |
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