Equilibrium cycling with small discounting

DOI10.1016/0022-0531(90)90040-QzbMath0722.90013MaRDI QIDQ757217

Aldo Rustichini, Jess Benhabib

Publication date: 1990

Published in: Journal of Economic Theory (Search for Journal in Brave)

zbMATH Keywords

Hopf bifurcationoptimal growthPontryagin maximum principleCobb-Douglas three sector technology

Mathematics Subject Classification ID

Bifurcation theory for ordinary differential equations (34C23) Economic growth models (91B62)

Related Items (21)

Turnpike theory. Some new results on the saddle point property of equilibria and on the existence of endogenous cycles ⋮ The Ramsey model revisited: The optimality of cyclical consumption and growth ⋮ Pathways to Hopf bifurcations in dynamic continuous-time optimization problems ⋮ Endogenous cycles in discrete symmetric multisector optimal growth models ⋮ Endogenous cycles with small discounting in multisector optimal growth models: Continuous-time case ⋮ Optimal growth and cycles in overlapping generations models ⋮ Saddle-point dynamics in non-autonomous models of multisector growth with variable returns to scale ⋮ Strong concavity properties of indirect utility functions in multisector optimal growth models ⋮ Study of irregular dynamics in an economic model: attractor localization and Lyapunov exponents ⋮ Competitive equilibrium cycles for small discounting in discrete-time two-sector optimal growth models ⋮ Complicated Dynamics and Parametric Restrictions in the Robinson-Solow-Srinivasan (RSS) Model ⋮ On the minimum rate of impatience for complicated optimal growth paths ⋮ Limit cycles in intertemporal adjustment models ⋮ A turnpike theorem for continuous-time optimal-control models ⋮ Competitive equilibrium cycles with endogenous labor ⋮ INDETERMINACY AND THE ROLE OF FACTOR SUBSTITUTABILITY ⋮ Stability and limit cycles in competitive equilibria subject to adjustment costs and dynamic spillovers. ⋮ Optimal Cycles and Chaos: A Survey ⋮ Endogenous Cycles in Competitive Models: An Overview ⋮ Cyclical Fluctuations in Continuous Time Dynamic Optimization Models: Survey of General Theory and an Application to Dynamic Limit Pricing ⋮ Limit cycles in intertemporal adjustment models. Theory and applications

Cites Work

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• Competitive equilibrium cycles
• Singularities and groups in bifurcation theory. Volume I
• A characterization of Ramsey equilibrium
• On the indeterminacy of capital accumulation paths
• The Hopf bifurcation and the existence and stability of closed orbits in multisector models of optimal economic growth
• Global asymptotic stability of optimal control systems with applications to the theory of economic growth
• The structure and stability of competitive dynamical systems
• Hopf bifurcation for functional differential equations of mixed type
• Stability of Separable Hamiltonians and Investment Theory

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