%0 Conference Proceedings
%T Towards Golden Rule of Capital Accumulation: A Genetic Algorithm Approach
%+ University of Calcutta
%+ Raja Peary Mohan College
%+ Ara Institute of Canterbury
%A Chatterjee, Sankhadeep
%A Nag, Rhitaban
%A Sen, Soumya
%A Sarkar, Amitrajit
%Z Part 6: Modelling and Optimization
%< avec comité de lecture
%( Lecture Notes in Computer Science
%B 16th IFIP International Conference on Computer Information Systems and Industrial Management (CISIM)
%C Bialystok, Poland
%Y Khalid Saeed
%Y Władysław Homenda
%Y Rituparna Chaki
%I Springer International Publishing
%3 Computer Information Systems and Industrial Management
%V LNCS-10244
%P 481-491
%8 2017-06-16
%D 2017
%R 10.1007/978-3-319-59105-6_41
%K Accumulated capital
%K Depreciation rate
%K Golden rule
%K Genetic algorithm
%K Metaheuristic
%K Solow model
%Z Computer Science [cs]
%Z Humanities and Social Sciences/Library and information sciencesConference papers
%X The current study deals with maximizing consumption per worker in connection with the economic growth of society. The traditional Solow model based approach is well-studied and computationally complex. The present work proposes a Genetic Algorithm (GA) based consumption maximization in attaining the Golden rule. An objective function derived from traditional Solow model based on depreciation rate and amount of accumulated capital is utilized. The current study considered a constant output per worker to incorporate a constant efficiency level of labor. Different ranges of Depreciation rate and accumulated capital are tested to check the stability of the proposed GA based optimization process. The mean error and standard deviation in optimization process is utilized as a performance metric. The experimental results suggested that GA is very fast and is able to produce economically significant result with an average mean error 0.142% and standard deviation 0.021%.
%G English
%Z TC 8
%2 https://inria.hal.science/hal-01656245/document
%2 https://inria.hal.science/hal-01656245/file/448933_1_En_41_Chapter.pdf
%L hal-01656245
%U https://inria.hal.science/hal-01656245
%~ SHS
%~ IFIP-LNCS
%~ IFIP
%~ IFIP-TC
%~ IFIP-TC8
%~ IFIP-CISIM
%~ IFIP-LNCS-10244