Steady-state properties in a class of dynamic models

Yacov Tsur; Amos Zemel

doi:10.1016/j.jedc.2013.11.009

Steady-state properties in a class of dynamic models

Yacov Tsur, Amos Zemel^*

^*Corresponding author for this work

Department of Environmental Economics and Management

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

10 Scopus citations

Abstract

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.

Original language	English
Pages (from-to)	165-177
Number of pages	13
Journal	Journal of Economic Dynamics and Control
Volume	39
DOIs	https://doi.org/10.1016/j.jedc.2013.11.009
State	Published - Feb 2014

Keywords

Approach time
Autonomous problems
Infinite horizon
Optimal policy
Steady-state

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10.1016/j.jedc.2013.11.009

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abstract = "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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AB - 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.

KW - Approach time

KW - Autonomous problems

KW - Infinite horizon

KW - Optimal policy

KW - Steady-state

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JO - Journal of Economic Dynamics and Control

JF - Journal of Economic Dynamics and Control

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Steady-state properties in a class of dynamic models

Abstract

Keywords

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