On Outward-Looking Comparison Utility, Heterogeneous Preferences & the Third Dimension: A Geometric Perspective
AbstractThe difficulties associated with the appraisal of the determinacy properties of a three-dimensional system are circumvented by the introduction of a new geometrical argument. It first brings about a complete and easy-to-use typology of the eigenvalues moduli in discrete time three-dimensional dynamical systems and then provides a new apparatus for assessing from a geometrical standpoint the emergence of local bifurcations. The argument is first illustrated in an environment where outward-looking comparison utility may question the determinacy of the steady state and subsequently used within a competitive monetary equilibrium with heterogeneous agents and financial constraints.
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Bibliographic InfoPaper provided by Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne in its series Documents de recherche with number 05-07.
Length: 32 pages
Date of creation: 2005
Date of revision:
Local indeterminacy; Three-Dimensional Dynamical Systems; Suboptimal Economies;
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