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Alexander J. Zaslavski - One of the best experts on this subject based on the ideXlab platform.
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One-Dimensional Infinite Horizon Nonconcave Optimal Control Problems Arising in Economic Dynamics
Applied Mathematics & Optimization, 2011Co-Authors: Alexander J. ZaslavskiAbstract:We study the existence of optimal solutions for a class of infinite horizon nonconvex autonomous discrete-time optimal control problems. This class contains optimal control problems without discounting arising in Economic Dynamics which describe a model with a nonconcave utility function.
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Turnpike Results for a Class of Discrete-Time Optimal Control Problems Arising in Economic Dynamics
Set-Valued and Variational Analysis, 2009Co-Authors: Alexander J. ZaslavskiAbstract:In this paper we establish turnpike results for a class of discrete-time optimal control problems. These control problems arise in Economic Dynamics and describe a nonstationary model proposed by Robinson, Solow and Srinivasan. We study the structure of approximate solutions which is independent of the length of the interval, for all sufficiently large intervals.
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Turnpike theorem for a class of differential inclusions arising in Economic Dynamics
Optimization, 1997Co-Authors: Alexander J. ZaslavskiAbstract:In this work we study the asymptotic behavior of optimal trajectories for a class of differential inclusions of the form [xacute](t)$isinv;b(x(t)) - x(t) arising in Economic Dynamics where b belongs to a space of set-valued mappings. We establish the existence of an open everywhere dense subset E of the space of set-valued mappings such that each mapping from E has the turnpike property
Massimo Di Matteo - One of the best experts on this subject based on the ideXlab platform.
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Economic Dynamics as a succession of equilibria: The path traveled by Morishima
Structural Change and Economic Dynamics, 2013Co-Authors: Massimo Di MatteoAbstract:In the paper I bring to the attention of the economists and historians of Economic thought the idea of Economic Dynamics that can be found in the first book by Morishima published in 1950 but has been totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts (“structural stability”) but also because Morishima pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments inspired by Samuelson's Foundations. The paper has three parts. In the first and second I outline the development of Economic Dynamics and its applications to general equilibrium elaborated by Morishima; in the third a comparison between the prevailing idea of Economic Dynamics as originally put forward by Samuelson and that elaborated by Morishima is advanced and discussed.
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Economic Dynamics as a Succession of Equilibria: The Path Travelled by Morishima
2009Co-Authors: Massimo Di MatteoAbstract:In the paper I bring to the attention of the economists and historians of Economic thought the idea of Economic Dynamics that one can found in the first book by Morishima published in 1950 but totally overlooked. It has a great interest not only because there it appears for the first time the application of new mathematical concepts ("structural stability") but also because he pursues a way of dynamizing general equilibrium theory that has been neglected in the postwar developments that appears to have been inspired by Samuelson. The paper has three parts. In the first and second parts I outline the development of Economic Dynamics and its applications to general equilibrium elaborated by Morishima; in the third part a comparison between the prevailing idea of Economic Dynamics as originally put forward by Samuelson and that elaborated by Morishima is developed and discussed.
Sumit Joshi - One of the best experts on this subject based on the ideXlab platform.
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Long-run invariance in Economic Dynamics: A note
Journal of Economics, 1995Co-Authors: Sumit JoshiAbstract:A common thread in relatively disparate areas of Economic Dynamics is aninvariance result demonstrating the convergence in a suitable metric of the time paths (or the invariance of the steady state) of a given variable to alternative specifications of some parameter. This note offers a unified approach to this phenomenon in the context of a general nonstationary growth model. The technique developed exploits the stochastic specification through a passage to martingale techniques and is general enough to incorporate nonclassical technologies. Since the paper nests the invariance result from diverse areas as special cases, in one stroke it extends the received analysis which has usually been conducted in a deterministic stationary environment to a stochastic framework in which nonstationarities enter into the description of preferences, technology, and the stochastic environment.
Tamotsu Onozaki - One of the best experts on this subject based on the ideXlab platform.
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From Nonlinear Economic Dynamics to Complexity Economics
Nonlinearity Bounded Rationality and Heterogeneity, 2018Co-Authors: Tamotsu OnozakiAbstract:In Part I, we discussed the significance of nonlinear Economic Dynamics and investigated two simple models that exhibit chaotic behavior. Nonlinear Economic Dynamics originated in the 1930s, led into chaotic Economic Dynamics at the end of the 1970s, and continues today. However, research on nonlinear Economic Dynamics has thus far suffered from the serious restriction on mathematical analytics. We discuss this restriction in Sect. 4.1. In Sect. 4.2, we consider where nonlinear Economic Dynamics should be headed and state that it should aim to use computationally oriented research methods against the background of complex system theory. This statement underpins the studies presented in Chaps. 5, 6, and 7. Furthermore, Sect. 4.3 points out that two fundamental directions exist in which research on Economic complexity has been carried out: the econophysics approach and agent-based model approach. We concentrate on the latter approach in Chaps. 6 and 7. This short chapter also serves as a manifestation of our methodological standpoint in Part II.
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The Nature and Significance of Nonlinear Economic Dynamics
Nonlinearity Bounded Rationality and Heterogeneity, 2018Co-Authors: Tamotsu OnozakiAbstract:This chapter deals with the following basic questions from the historical and methodological perspectives: what is nonlinear Economic Dynamics and how has it been developed? After introducing some of the basic concepts of nonlinear Economic Dynamics in Sect. 1.1, we discuss how Economic Dynamics was formed in the 1930s and the extent to which it is closely related to the equilibrium paradigm, which is synonymous with the neoclassical paradigm, in Sect. 1.2. In Sect. 1.3, by comparing two approaches in Economic Dynamics, namely exogenous and endogenous business cycle theories, we state that the exogenous business cycle theory relied on linear dynamical models and was suitable for the equilibrium paradigm, while the endogenous business cycle theory relied on nonlinear dynamical models and was the starting point of nonlinear Economic Dynamics.
Sabir Isa Hamidov - One of the best experts on this subject based on the ideXlab platform.
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On the Equilibrium Without Loss in the Discrete Time Models of Economic Dynamics
International Journal of Theoretical and Applied Mathematics, 2017Co-Authors: Sabir Isa HamidovAbstract:The model of Economic Dynamics with a fixed budget is considered. The conditions are derived under which the model with a fixed budget has an equilibrium state with the equilibrium prices. The necessary and sufficient conditions for the existence of equilibrium prices are found.
