Determinacy of Equilibrium in Infinite Horizon Economics a Perspective
Determinacy of Equilibrium in Infinite Horizon Economics a Perspective
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In our eReader you can find the full English version of the book. Read Determinacy of Equilibrium in Infinite Horizon Economics a Perspective Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Determinacy of Equilibrium in Infinite Horizon Economics a Perspective
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To quickly assess the difficulty of the text, read a short excerpt:
He establishes his global result by proving that optimal paths must visit the neighborhood of the steady state and then citing the local stability results for such neighborhoods.
A number of authors have sought to generalize the global result of Scheinkman. Cass and Shell (1976) provide an excellent survey of this work. The approach has been to develop conditions on the geometry of the Hamiltonian function that are sufficient to yield results even when the rate of discount is not close to zero....
Muller and Woodford's analysis is local in nature, so one would expect their results to be linked to the local results in this literature, and indeed they are. Consider the special case of their model in which there is one inf ini t e- 1 ived agent and no finite-lived agents. This is their extreme case (i), so the equilibrium is perfectly determinate or not structurally g stable depending upon n, the number of eigenvalues that are 27 less than p in modulus. With a slight translation of terms, this is exactly Scheinkman' s result.
What to read after Determinacy of Equilibrium in Infinite Horizon Economics a Perspective?
You can find similar books in the "Read Also" column, or choose other free books by Walter J Muller to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
He establishes his global result by proving that optimal paths must visit the neighborhood of the steady state and then citing the local stability results for such neighborhoods.
A number of authors have sought to generalize the global result of Scheinkman. Cass and Shell (1976) provide an excellent survey of this work. The approach has been to develop conditions on the geometry of the Hamiltonian function that are sufficient to yield results even when the rate of discount is not close to zero....
Muller and Woodford's analysis is local in nature, so one would expect their results to be linked to the local results in this literature, and indeed they are. Consider the special case of their model in which there is one inf ini t e- 1 ived agent and no finite-lived agents. This is their extreme case (i), so the equilibrium is perfectly determinate or not structurally g stable depending upon n, the number of eigenvalues that are 27 less than p in modulus. With a slight translation of terms, this is exactly Scheinkman' s result.
What to read after Determinacy of Equilibrium in Infinite Horizon Economics a Perspective?
You can find similar books in the "Read Also" column, or choose other free books by Walter J Muller to read onlineMoreLess
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