Steady-state properties in a class of dynamic models

Yacov Tsur and Amos Zemel

Journal of Economic Dynamics and Control, 2014, vol. 39, issue C, 165-177

Abstract: We characterize the location, stability and approach-time of optimal steady states in single-state, infinite-horizon, autonomous models by means of a simple function of the state variable, defined in terms of the model's primitives. The method does not require the solution of the underlying dynamic optimization problem. Its application is illustrated in the context of a generic class of resource management problems.

Keywords: Infinite horizon; Autonomous problems; Optimal policy; Steady-state; Approach time (search for similar items in EconPapers)
JEL-codes: C61 Q20 Q30 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:39:y:2014:i:c:p:165-177

DOI: 10.1016/j.jedc.2013.11.009

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