Social interactions within a dynamic competitive economy
type: Item
instance of: scholarly article
title: Social interactions within a dynamic competitive economy
zbMATH Open document ID: 1156.91026
published in: Journal of Optimization Theory and Applications
publication date: 2008-09-23T00:00:00Z
review text: The paper considers social interactions and investigates how far the properties of moderate social influence and of diminishing returns foster the uniqueness and stability of a dynamic competitive economy. The corresponding optimal control problem is examined. It is shown that besides the standard outcome of a unique saddle-point steady state, multiple equilibria are possible, depending on whether the objective function is concave or not. In the case of competitive equilibrium, it is shown that a steady state can have one of the following generic local properties: saddlepoint stability, instability (either node or focus) and stable (either node or focus) according to the properties of social interactions.
reviewed by: Elena Ya. Gorelova
Mathematics Subject Classification ID: 91B62
Mathematics Subject Classification ID: 91B08
Mathematics Subject Classification ID: 34C60
Mathematics Subject Classification ID: 37N40
zbMATH DE Number: 5346072
zbMATH Keywords: dynamic economic models
zbMATH Keywords: equilibria
zbMATH Keywords: individual preferences
zbMATH Keywords: moderate social influence
Wikidata QID: Q59212022
author: Franz Wirl
MaRDI profile type: Publication
full work available at URL: s10957-007-9207-z
OpenAlex ID: W2017754735
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DOI: 10.1007/S10957-007-9207-Z
description: scientific article; zbMATH DE number 5346072