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Models of Economic Dynamics Hugo F. Sonnenschein

Models of Economic Dynamics By Hugo F. Sonnenschein

Models of Economic Dynamics by Hugo F. Sonnenschein

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Models of Economic Dynamics Summary

Models of Economic Dynamics: Proceedings of a Workshop held at the IMA, University of Minnesota, Minneapolis, USA, October 24-28, 1983 by Hugo F. Sonnenschein

During the week of October 24-28, 1983, a group of mathematicians and eco- nomists met at the Institute for Mathematics and it Applications at the University of Minnesota. The workshop dealt with economic models in which time plays an essential role, and both the description of adjustment to a static equilibrium and the description of equilibrium paths were considered. From a mathematical point of view, discrete dynamical systems and the dynamics of ordi- nary and partial differential equations played a major role. The conference consisted of lectures by economists and by mathematicians which treated some of the principal ideas of economic dynamics. Donald Saari pro- vided some discrete dynamical systems background for a paper by Jean-Michel Grandmont on business cycles; the Grandmont paper was a major focus of the Workshop. Daniel Goroff, Jose Scheinkman, Christopher Sims. Neil Wallace. and Michael Woodford discussed the Grandmont paper after its presentation. The ideas of tatonnement were introduced by Leonid Hurwicz and extended by Andreu MasColell and H. Jerome Keisler. Four papers on economic dynamics follow (W. A. Brock, Truman Bewley. W. A. Brock and M. Rothschild and Yieh-Hei Wan). The remaining papers are devoted to issues of quantity and/or price adjustment (William Novshek and Hugo Sonnenschein. Phillipe Artzner. Carl Simon and Hugo Sonnenschein). equilibrium with a continuum of commodities (Larry Jones), and the adjustment of expectations (Lawrence Blume and James Jordan).

Table of Contents

Dynamical Systems and Mathematical Economics.- On Endogenous Competitive Business Cycles.- Commentaries on the Grandmont Paper "Endogenous Competitive Business Cycles".- On the Stability of the Tatonnement Approach to Competitive Equilibrium.- Notes on Price and Quantity Tatonnement Dynamics.- A Price Adjustment Model with Infinitesimal Traders.- A Revised Version of Samuelson's Correspondence Principle: Applications of Recent Results on the Asymptotic Stability of Optimal Control to the Problem of Comparing Long-Run Equilibrium.- Dynamic Implications of the Form of the Budget Constraint.- Comparative Statics for Multidimensional Optimal Stopping Problems.- The Cournot Problem with Bounded Memory Strategies.- Quantity Adjustment in an Arrow-Debreu-McKenzie Type Model.- Convergence of Myopic Firms to Long-Run Equilibrium via the Method of Characteristics.- Special Problems Arising in the Study of Economies with Infinitely Many Commodities.- to Expectations Equilibrium.

Additional information

Models of Economic Dynamics: Proceedings of a Workshop held at the IMA, University of Minnesota, Minneapolis, USA, October 24-28, 1983 by Hugo F. Sonnenschein
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
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