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Stability of Stochastic Optimal Growth Models: A New Approach

In: Nonlinear Dynamics in Equilibrium Models

Author

Listed:
  • Kazuo Nishimura

    (Kyoto University)

  • John Stachurski

    (Australian National University)

Abstract

Many economic models are now explicitly dynamic and stochastic. Their state variables evolve in line with the decisions and actions of individual economic agents. These decisions are identified in turn by imposing rationality. Depending on technology, market structure, time discount rates and other primitives, rational behavior may lead either to stability or to instability.

Suggested Citation

  • Kazuo Nishimura & John Stachurski, 2012. "Stability of Stochastic Optimal Growth Models: A New Approach," Springer Books, in: John Stachurski & Alain Venditti & Makoto Yano (ed.), Nonlinear Dynamics in Equilibrium Models, edition 127, chapter 0, pages 289-307, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-22397-6_12
    DOI: 10.1007/978-3-642-22397-6_12
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