This was part of Mathematical Advances in Mean Field Games

Traveling waves and balanced growth in mean field game models of knowledge diffusion

Alessio Porretta, University Rome Tor Vergata
Monday, December 13, 2021

Abstract: In this talk I will discuss a mean-field game model proposed by R.E. Lucas and B. Moll  to describe economic systems where production is based on knowledge growth and diffusion. This model reduces to  a  PDE system where  a backward Hamilton-Jacobi-Bellman equation is coupled with a forward KPP-type equation with nonlocal reaction term. In a joint work with Luca Rossi, we proved the existence of  critical traveling waves which yield balanced growth paths for the described economy, supposed to be  the expected  stable  growth in the long run. I will describe one possible strategy to construct those (and other) traveling waves,  mentioning existence and nonexistence results, and I will address several interesting questions which remain open.