The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth

Jess Benhabib; Kazuo Nishimura

doi:10.1016/0022-0531(79)90050-4

The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth

Jess Benhabib, Kazuo Nishimura

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

Abstract

It is shown that under very general circumstances, the standard optimal growth model with two or more capital goods can give rise to optimal trajectories that are limit cycles. An example with a nonjoint production Cobb-Douglass technology giving rise to closed cycles around a unique steady state is constructed. The stability of orbits is also studied.

Original language	English (US)
Pages (from-to)	421-444
Number of pages	24
Journal	Journal of Economic Theory
Volume	21
Issue number	3
DOIs	https://doi.org/10.1016/0022-0531(79)90050-4
State	Published - Dec 1979

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/0022-0531(79)90050-4

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title = "The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth",

abstract = "It is shown that under very general circumstances, the standard optimal growth model with two or more capital goods can give rise to optimal trajectories that are limit cycles. An example with a nonjoint production Cobb-Douglass technology giving rise to closed cycles around a unique steady state is constructed. The stability of orbits is also studied.",

author = "Jess Benhabib and Kazuo Nishimura",

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AB - It is shown that under very general circumstances, the standard optimal growth model with two or more capital goods can give rise to optimal trajectories that are limit cycles. An example with a nonjoint production Cobb-Douglass technology giving rise to closed cycles around a unique steady state is constructed. The stability of orbits is also studied.

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The hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth

Abstract

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