Brock, William and Xepapadeas, Anastasios (2008): General Pattern Formation in Recursive Dynamical Systems Models in Economics.
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This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains. It includes optimal control, an analysis of local stability of spatially flat optimal steady states and development of techniques to compute spatially heterogeneous optimal steady states. The paper also develops a concept of rational expectations equilibrium, a local stability analysis for spatially homogeneous rational expectations steady states, and computational techniques for spatially heterogeneous rational expectations steady states.
|Item Type:||MPRA Paper|
|Original Title:||General Pattern Formation in Recursive Dynamical Systems Models in Economics|
|Keywords:||Pattern formation, spatial spillovers, optimal control, spillover induced instability, growth models|
|Subjects:||O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O41 - One, Two, and Multisector Growth Models
C - Mathematical and Quantitative Methods > C6 - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling > C61 - Optimization Techniques; Programming Models; Dynamic Analysis
|Depositing User:||Anastasios Xepapadeas|
|Date Deposited:||21. Dec 2008 07:45|
|Last Modified:||12. Feb 2013 15:13|
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