This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.
- Author(s): Marco Lehmann-Waffenschmidt
- Series: Lecture notes in engeneering economics and Mathematical systems 0591
- Number of pages: 280 pages
- ISBN-10 : 3540686622
- ISBN-13 : 978-3540686620
- Publisher : Springer; 2007th Edition (May 7, 2007)
- Language: : English