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.
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
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- © Academic Press 1979
- 28th January 1979
- Academic Press
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School of Engineering and Applied Science, University of California, Los Angeles, U.S.A.