Extension of GAMS for complementarity problems arising in applied economic analysis

Article Abstract:

The General Algebraic Modelling System (GAMS) which was used by economists for quantitative analysis at the World Bank is presented with new features used for solving nonlinear complementarity problems. The mixed complementarity problem (MCP) is defined to be a format which expresses economic models for markets and games. Three economic models using complementarity formulations are presented. Computation benchmarks for two large-scale solvers through GAMS/MCP are also provided. Local sensitivity analysis procedures are outlined.

Operations research, Management science, Analysis, Linear complementarity problem

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On the local stability of the solution to optimal control problems

Article Abstract:

New conditions for the optimal control problems are presented. Conditions that are an extension of a previous study focusing on the solution to problems solvable using calculus of variations. Both the conditions from the new study and conditions from the previous literature are compared and the findings show the new conditions are equally powerful, but are found to be easier to check.

Economics, Comparative analysis, Economic theory

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