A simple method for analyzing optimal steady states in multi-dimensional resource models

Yacov Tsur and Amos Zemel

No 290032, Discussion Papers from Hebrew University of Jerusalem, Department of Agricultural Economics and Management

Abstract: We study optimal steady states in multi-dimensional resource models with minimal assumptions on the underlying processes. A function L : X 7→ IRn is defined over the set of feasible states X ⊆ IRn in terms of the model’s primitives. This function and its derivatives are then used to obtain necessary conditions regarding the location and stability of optimal steady state candidates. Examples illustrating the applicability of the method show that it can reduce the list of optimal steady state candidates to a singleton in a variety of resource problems.

Keywords: Agricultural and Food Policy; Resource/Energy Economics and Policy (search for similar items in EconPapers)
Pages: 28
Date: 2014-12-26
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Persistent link: https://EconPapers.repec.org/RePEc:ags:huaedp:290032

DOI: 10.22004/ag.econ.290032

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