Steady-state properties in a class of dynamic models

We characterize the location, stability and approach-time of optimal steady states in single-state, infinite-horizon, autonomous models by means of a simple function of the state variable, defined in terms of the model's primitives. The method does not require the solution of the underlying dynamic optimization problem. Its application is illustrated in the context of a generic class of resource management problems.

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Year of publication:	2014
Authors:	Tsur, Yacov ; Zemel, Amos
Published in:	Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 39.2014, C, p. 165-177
Publisher:	Elsevier
Subject:	Infinite horizon \| Autonomous problems \| Optimal policy \| Steady-state \| Approach time

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Type of publication:	Article
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; Q20 - Renewable Resources and Conservation; Environmental Management. General ; Q30 - Nonrenewable Resources and Conservation. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010744178