Dynamics in OG economies

Christian Ghiglino; Mich Tvede

doi:10.1080/1023619042000193612

Dynamics in OG economies

Christian Ghiglino, Mich Tvede

Economics

Research output: Contribution to journal › Article › peer-review

Abstract

In the present paper we consider a class of dynamic economic models with ℓ goods at every date. Equilibrium price systems (p_t), where p_t ∈ ℝ₊₊^ℓ, are obtained as solutions to an autonomous difference equation of the form z(p _t-s,...,P_t,...,P_t+s) = 0 where S + 1 is the lifespan of the consumers and z: ℝ₊₊^(2S+1)ℓ → ℝ^(2S+1)ℓ is obtained by maximizing individual felicity. We study both properties of the set of stationary solutions as well as the local dynamics of stationary solutions.

Original language	English (US)
Pages (from-to)	463-472
Number of pages	10
Journal	Journal of Difference Equations and Applications
Volume	10
Issue number	5
DOIs	https://doi.org/10.1080/1023619042000193612
State	Published - Apr 20 2004

Keywords

Bifurcations
Difference equations
Periodical solutions
Stationary solutions

ASJC Scopus subject areas

Analysis
Algebra and Number Theory
Applied Mathematics

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10.1080/1023619042000193612

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title = "Dynamics in OG economies",

abstract = "In the present paper we consider a class of dynamic economic models with ℓ goods at every date. Equilibrium price systems (pt), where pt ∈ ℝ++ℓ, are obtained as solutions to an autonomous difference equation of the form z(p t-s,...,Pt,...,Pt+s) = 0 where S + 1 is the lifespan of the consumers and z: ℝ++(2S+1)ℓ → ℝ(2S+1)ℓ is obtained by maximizing individual felicity. We study both properties of the set of stationary solutions as well as the local dynamics of stationary solutions.",

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AB - In the present paper we consider a class of dynamic economic models with ℓ goods at every date. Equilibrium price systems (pt), where pt ∈ ℝ++ℓ, are obtained as solutions to an autonomous difference equation of the form z(p t-s,...,Pt,...,Pt+s) = 0 where S + 1 is the lifespan of the consumers and z: ℝ++(2S+1)ℓ → ℝ(2S+1)ℓ is obtained by maximizing individual felicity. We study both properties of the set of stationary solutions as well as the local dynamics of stationary solutions.

KW - Bifurcations

KW - Difference equations

KW - Periodical solutions

KW - Stationary solutions

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Dynamics in OG economies

Abstract

Keywords

ASJC Scopus subject areas

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