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A simple method for analyzing optimal steady states in multi-dimensional resource models

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  • Tsur, Yacov
  • Zemel, Amos

Abstract

We study optimal steady states in multi-dimensional resource models with minimal assumptions on the underlying processes. A function L : X 7→ IRn is defined over the set of feasible states X ⊆ IRn in terms of the model’s primitives. This function and its derivatives are then used to obtain necessary conditions regarding the location and stability of optimal steady state candidates. Examples illustrating the applicability of the method show that it can reduce the list of optimal steady state candidates to a singleton in a variety of resource problems.

Suggested Citation

  • Tsur, Yacov & Zemel, Amos, 2014. "A simple method for analyzing optimal steady states in multi-dimensional resource models," Discussion Papers 290032, Hebrew University of Jerusalem, Department of Agricultural Economics and Management.
    • Handle: RePEc:ags:huaedp:290032
    DOI: 10.22004/ag.econ.290032
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