Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5098609 | Journal of Economic Dynamics and Control | 2014 | 13 Pages |
Abstract
We characterize the location, stability and approach-time of optimal steady states in single-state, infinite-horizon, autonomous models by means of a simple function of the state variable, defined in terms of the model's primitives. The method does not require the solution of the underlying dynamic optimization problem. Its application is illustrated in the context of a generic class of resource management problems.
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
Yacov Tsur, Amos Zemel,