Steady-state properties in a class of dynamic models

Yacov Tsur, Amos Zemel

Research output: Contribution to journalArticlepeer-review

9 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 languageEnglish
Pages (from-to)165-177
Number of pages13
JournalJournal of Economic Dynamics and Control
Volume39
DOIs
StatePublished - 1 Feb 2014

Keywords

  • Approach time
  • Autonomous problems
  • Infinite horizon
  • Optimal policy
  • Steady-state

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