Projects / Programmes
Analysis of numerical methods for solving dznamic economic models
Code |
Science |
Field |
Subfield |
5.02.00 |
Social sciences |
Economics |
|
Code |
Science |
Field |
S180 |
Social sciences |
Economics, econometrics, economic theory, economic systems, economic policy |
numerical methods, markovian dynamic models, computer programming, derivation of numerical algorithms.
Organisations (2)
, Researchers (5)
0586 University of Maribor, Faculty of Organizational Sciences
no. |
Code |
Name and surname |
Research area |
Role |
Period |
No. of publicationsNo. of publications |
1. |
24556 |
PhD Rado Pezdir |
Economics |
Researcher |
2005 - 2007 |
144 |
1636 Institute of Civilisation and culture, ICC
no. |
Code |
Name and surname |
Research area |
Role |
Period |
No. of publicationsNo. of publications |
1. |
16312 |
PhD Igor Bernik |
Administrative and organisational sciences |
Head |
2006 - 2007 |
692 |
2. |
27774 |
Mitja Čepič Vogrinčič |
Educational studies |
Researcher |
2006 - 2007 |
70 |
3. |
26390 |
Tomaž Dintinjana |
Political science |
Researcher |
2005 |
0 |
4. |
14558 |
PhD Mićo Mrkaić |
Economics |
Researcher |
2005 |
150 |
Abstract
The working hypothesis is that extant numerical algorithms for solving dynamic economic models can be significantly accelerated. These algorithms use expansion of value functions and expressing the value functions and/or policy functions in terms of neural networks can accelerate policy functions in terms of orthogonal or complete polynomials. The core of the problem with computing numerical solutions to dynamic economic models is the so-called “curse of dimensionality”, which exhibits itself in the rapid growth of time and computer memory, which are needed to solve dynamic economic models. This growth is exponential in the number of state variables, which describe the state of a given economic system. It follows that faster algorithms should be developed, which will expand the space of those dynamic economic models, which can be analysed and studied by researchers.