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Formulation of an investment planning model
Economies of scale in capital accumulation models
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aggregate balance constraints balanced growth billion won capacity utilization capital accumulation path capital stock CAPMB variant cent comparative advantage competitive imports complex is built complex sectors crude steel discount rate dual economies of scale equal estimates excess capacity exogenous ferrous metals five period CAPMB fixed requirement foreign capital inflow given gross domestic product horizon import substitution increased input input-output input-output model interest rate investment patterns iron and crude Korea linear linear programming marginal material balance non-competitive imports objective function obtained optimal pattern optimal solution output overhead and services parameters pattern of investment petrochemical complex plan period production activity rate of return resource savings constraint second period sector model shadow price solution set steel mill steel products terminal conditions terminal debt terminal investment terminal period three period CAPMA tion traditional sectors turnpike model unit upper bound zero