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Local and Nonlocal Comparative Static Analysis of Economic Systems

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Author Info

  • Kalaba, Robert E.
  • Tesfatsion, Leigh S.
  • Wang, J.-L.

Abstract

The complete system of ordinary differential equations developed by Kalaba and Tesfatsion (1981) for tracking solution branches of parameterized nonlinear systems is tested using several illustrative examples. One example is the standard Ramsey optimal growth model, for which analytical solutions can be obtained. For this example, the complete system is used to generate solutions c(rho) and k(rho) for the steady-state per-capita levels for consumption and capital as the time preference parameter rho varies from 0 to 0.50. Accuracy to four decimal places is obtained. This represents a stringent test of the method, since the derivative of k(rho) near rho=0 is on the order of -10^2 whereas the derivative of k(rho) near rho=0.50 is on the order of -10^0. Annotated pointers to related work can be accessed here: http://www.econ.iastate.edu/tesfatsi/nasahome.htm

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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 11220.

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Date of creation: 01 Jan 1981
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Publication status: Published in Applied Mathematics and Computation 1981, vol. 9, pp. 227-234
Handle: RePEc:isu:genres:11220

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Keywords: Comparative statics; solution tracking; ordinary differential equations; parameterized nonlinear systems; optimal growth;

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Cited by:
  1. Max E. Jerrell, 1999. "Environments for Global Optimization Using Interval Arithmetic and Computational (Automatic) Differentiation," Computing in Economics and Finance 1999 1321, Society for Computational Economics.

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