The Hamiltonian Approach to Dynamic Economics
eBook - PDF

The Hamiltonian Approach to Dynamic Economics

  1. 212 pages
  2. English
  3. PDF
  4. Available on iOS & Android
eBook - PDF

The Hamiltonian Approach to Dynamic Economics

About this book

The Hamiltonian Approach to Dynamic Economics focuses on the application of the Hamiltonian approach to dynamic economics and attempts to provide some unification of the theory of heterogeneous capital. Emphasis is placed on the stability of long-run steady-state equilibrium in models of heterogeneous capital accumulation. Generalizations of the Samuelson-Scheinkman approach are also given. Moreover, conditions are sought on the geometry of the Hamiltonian function (that is, on static technology) that suffice to preserve under (not necessarily small) perturbation the basic properties of the Hamiltonian dynamical system. Comprised of eight essays, this book begins with an introduction to Hamiltonian dynamics in economics, followed by a discussion on optimal steady states of n-sector growth models when utility is discounted. Optimal growth and decentralized or descriptive growth models in both continuous and discrete time are treated as applications of Hamiltonian dynamics. Theproblem of optimal growth with zero discounting is considered, with emphasis on a steepness condition on the Hamiltonian function. The general problem of decentralized growth with instantaneously adjusted expectations about price changes is also analyzed, along with the global asymptotic stability of optimal control systems with applications to the theory of economic growth. This monograph will be of value to mathematicians and economists.

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Yes, you can access The Hamiltonian Approach to Dynamic Economics by David Cass,Karl Shell in PDF and/or ePUB format, as well as other popular books in Economics & Business General. We have over one million books available in our catalogue for you to explore.

Information

Publisher
Academic Press
Year
2014
Print ISBN
9780121636500
eBook ISBN
9781483266855
Topic
Economics
Subtopic
Business General
Index
Economics

Table of contents

  1. Front Cover
  2. The Hamiltonian Approach to Dynamic Economics
  3. Copyright Page
  4. Table of Contents
  5. Acknowledgments
  6. About the Authors
  7. ESSAY I. Introduction to Hamiltonian Dynamics in Economics
  8. ESSAY II. On Optimal Steady States of n-Sector Growth Models when Utility is Discounted
  9. ESSAY III. The Structure and Stability of Competitive Dynamical Systems
  10. ESSAY IV. Saddle Points of Hamiltonian Systems in Convex Lagrange Problems Having a Nonzero Discount Rate
  11. ESSAY V. Existence of Solutions to Hamiltonian Dynamical Systems of Optimal Growth
  12. ESSAY VI. A Characterization of the Normalized Restricted Profit Function
  13. ESSAY VII. Global Asymptotic Stability of Optimal Control Systems with Applications to the Theory of Economic Growth
  14. ESSAY VIII. A Growth Property in Concave-Convex Hamiltonian Systems
  15. Index