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Steady state properties of multi-state economic models | Environmental Economics and Management

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The Department of Environmental Economics and Management

The Robert H. Smith Faculty
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The Hebrew University of Jerusalem

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Steady state properties of multi-state economic models

Citation:

Tsur, Y. ; Zemel, A. . Steady State Properties Of Multi-State Economic Models. Canadian Journal of Economics/Revue canadienne d'économique 2017, 50, 506-521.

Abstract:

Abstract A simple method to derive optimal steady states of multi-state dynamic economic systems with minimal assumptions on the underlying processes is developed. This is accomplished by an n-dimensional function defined over the n-dimensional state space in terms of the model's primitives. The location and stability properties of optimal steady state candidates are characterized by the roots and derivatives of this function. A resource management example illustrates the simplicity and applicability of the method.

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