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When Are Comparative Dynamics Monotone?

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  • Mark Huggett

    (Georgetown University)

Abstract

A common problem in dynamic economic theory is to determine when an increase in a parameter and/or an initial condition increases the future dynamics of a theoretical economy. This paper provides conditions that are necessary and sufficient for making statements of this type. The result is applicable to situations with a single agent or with many agents in the presence or absence of uncertainty. The result holds for general notions of what it means for a parameter, an initial condition or even the dynamics of a model to be increasing. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/S1094-2025(02)00005-4
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 6 (2003)
Issue (Month): 1 (January)
Pages: 1-11

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Handle: RePEc:red:issued:v:6:y:2003:i:1:p:1-11

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Related research

Keywords: Comparative dynamics; recursive models; monotonicity.;

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References

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  1. Huggett, Mark, 1997. "The one-sector growth model with idiosyncratic shocks: Steady states and dynamics," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 385-403, August.
  2. Schechtman, Jack, 1976. "An income fluctuation problem," Journal of Economic Theory, Elsevier, vol. 12(2), pages 218-241, April.
  3. Hopenhayn, Hugo A & Prescott, Edward C, 1992. "Stochastic Monotonicity and Stationary Distributions for Dynamic Economies," Econometrica, Econometric Society, vol. 60(6), pages 1387-406, November.
  4. Brock, William A. & Mirman, Leonard J., 1972. "Optimal economic growth and uncertainty: The discounted case," Journal of Economic Theory, Elsevier, vol. 4(3), pages 479-513, June.
  5. Danthine, Jean-Pierre & Donaldson, John B, 1981. "Stochastic Properties of Fast vs. Slow Growing Economies," Econometrica, Econometric Society, vol. 49(4), pages 1007-33, June.
  6. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
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Citations

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Cited by:
  1. Mark Huggett, 2004. "Precautionary Wealth Accumulation," Review of Economic Studies, Oxford University Press, vol. 71(3), pages 769-781.
  2. Manjira Datta & Leonard Mirman & Kevin Reffett, . "Nonclassical Brock-Mirman Economies," Working Papers 2179544, Department of Economics, W. P. Carey School of Business, Arizona State University.
  3. Cuong Le Van & John Stachurski, 2004. "Parametric Continuity of Stationary Distributions," Department of Economics - Working Papers Series 899, The University of Melbourne.
  4. Leonard J Mirman & Olivier F. Morand & Kevin L. Reffett, 2004. "A Qualitative Approach to Markovian Equilibrium in Infinite Horizon Economies with Capital," Levine's Bibliography 122247000000000224, UCLA Department of Economics.
  5. Becker, Daniel Thomas, 2008. "A technical note on comparative dynamics in a fiscal competition model," Thuenen-Series of Applied Economic Theory 83, University of Rostock, Institute of Economics.
  6. Olson, Lars J. & Roy, Santanu, 2005. "Theory of Stochastic Optimal Economic Growth," Working Papers 28601, University of Maryland, Department of Agricultural and Resource Economics.
  7. Balbus, Łukasz & Reffett, Kevin & Woźny, Łukasz, 2014. "A constructive study of Markov equilibria in stochastic games with strategic complementarities," Journal of Economic Theory, Elsevier, vol. 150(C), pages 815-840.

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