New Trends In Dynamic Systems Theory And Economics - 1st Edition - ISBN: 9780120588602, 9780323140799

New Trends In Dynamic Systems Theory And Economics

1st Edition

Editors: Masanao Aoki
eBook ISBN: 9780323140799
Imprint: Academic Press
Published Date: 28th January 1979
Page Count: 424
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Description

New Trends in Dynamic System Theory and Economics contains selected papers presented at a two-week seminar on New Trends in Dynamic System Theory and Economics held at the International Center for Mechanical Sciences in Udine, Italy, on September 12-23, 1977. Contributors discuss recent trends in the application of dynamic system theory in economic analysis, paying particular attention to information patterns and uncertainty, optimal control theory and its application, and disequilibrium analysis. This book is divided into three sections and consists of 20 chapters. Decision problems of agents with different or imperfect information or under uncertainty are first discussed. This section gives a detailed analysis of the properties of Nash and Stackelberg equilibria in dynamic games under several different information patterns. Consideration is also given to microdecision problems of individual agents, macroeconomic stabilization of an uncertain dynamic economy, and the uncertainty of parameter values. The chapters that follow focus on recent advances in optimal control theory and application of control theory. Disequilibrium analysis of a macroeconomic model is presented, along with the dynamics of disequilibria of a macroeconomic model with flexible wages and prices. A generalization of Pareto optimality is used to discuss the connection between the optimality and stability problems in a general setting. The last three chapters explore ""modern"" approaches to tâtonnement processes. This book will be of interest to students and practitioners of applied mathematics and econometrics.

Table of Contents


Contributors

Preface

Part I Information and Uncertainty

Information Structures and Equilibria in Dynamic Games

Interaction among Economic Agents under Imperfect Information: An Example

Macro-Economic Stabilization Policy for an Uncertain Dynamic Economy

Pareto Optimal Leasing and Investment Policies for a Publicly Owned Exhaustible Resource

Identification of an Input-Output Leontief Model

A New Approach to the Bargaining Problem

Part II Control Theory and Applications

Necessary and Sufficient Conditions for Optimal Strategies in Impulsive Control and Applications

Optimal Control on an Infinite Time Horizon with Applications to a Class of Economic Systems

Optimal Periodic Maintenance of a Capital Good

Broad Equilibria in N-Player Games

A Dynamic Programming Problem for a Two-Commodity Inventory Model

Farkas Lemma for Concave-Convex Functions with an Application to the Nonlinear von Neumann Model

Equilibria in an Exchange Economy with Many Agents: A Game-Theoretic Method for Proving Existence

Part III Disequilibrium Analysis

On the Dynamics of Disequilibria in a Macro Model with Flexible Wages and Prices

Monotone Planning Procedures and Accessibility of Pareto Optima

Differential Techniques for Cone Optimality and Stability

A Stable Path to Optimal Taxation

Approximation of Solutions in Multivalued Evolution Equation Issued from Tâtonnement Process

Some Notes on a Dynamical Approach to Money Mediated Exchange

A Note on the Nature and Significance of Catastrophes in the Walrasian Tâtonnement




Details

No. of pages:
424
Language:
English
Copyright:
© Academic Press 1979
Published:
Imprint:
Academic Press
eBook ISBN:
9780323140799

About the Editor

Masanao Aoki

Affiliations and Expertise

School of Engineering and Applied Science, University of California, Los Angeles, U.S.A.