Oscillations in optimal growth models
The author discusses saddle point properties for optimal growth models. The Pontryagin maximum principle yields the well-known canonical system of differential equations which is studied by means of linearization. Necessary and sufficient conditions for local saddle point stability are given and the border case instability is discussed. In particular bifurcations for certain values of the discount rate are discussed.
scientific article; zbMATH DE number 4074765