ACYCLICITY AND DYNAMIC STABILITY - GENERALIZATIONS AND APPLICATIONS
成果类型：
Article
署名作者：
BOLDRIN, M; MONTRUCCHIO, L
署名单位：
University of Turin
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1995.1011
发表日期：
1995
页码：
303-326
关键词：
摘要：
We study the asymptotic stability of infinite horizon concave programming problems. By generalizing our preceding work we provide a one-parameter family of conditions that guarantee convergence of the optimal paths to a stationary state. We call this property theta-acyclicity. In the one-dimensional case we show that super-modularity implies our property but not vice versa. We apply theta-acyclicity to a pair of models which study the dynamic behavior of firms that have adjustment costs. The first is the familiar model of competitive equilibrium of an industry in the presence of adjustment costs. In the second firms act strategically and we study the dynamic evolution implied by the closed-loop Nash equilibria. (C) 1995 Academic Press, Inc.
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