Steady state properties of multi-state economic models

Yacov Tsur, Amos Zemel

Research output: Contribution to journalArticlepeer-review

3 Scopus citations

Abstract

A simple method to derive optimal steady states of multi-state dynamic economic systems with minimal assumptions on the underlying processes is developed. This is accomplished by an n-dimensional function defined over the n-dimensional state space in terms of the model's primitives. The location and stability properties of optimal steady state candidates are characterized by the roots and derivatives of this function. A resource management example illustrates the simplicity and applicability of the method.

Original languageEnglish
Pages (from-to)506-521
Number of pages16
JournalCanadian Journal of Economics
Volume50
Issue number2
DOIs
StatePublished - 1 May 2017

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