Steady state properties of multi-state economic models

Yacov Tsur and Amos Zemel

Canadian Journal of Economics, 2017, vol. 50, issue 2, 506-521

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.

JEL-codes: C61 (search for similar items in EconPapers)
Date: 2017
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