Price expectations and global stability in economic systems

Journal Article

In this paper we study the global stability properties of both descriptive and optimally controlled economic systems possessing inherent non-linearities. Stability conditions for these non-linear models are established, and a complete characterization of the dynamic path is obtained. Moreover, the relationship between the global stability properties of descriptive and optimal control models is clarified, the trajectories of descriptive models are compared with those of the planning models and conditions are examined under which the behavior of completely stable descriptive models approximates optimal solutions. © 1975.

Full Text

Duke Authors

Cited Authors

  • Burmeister, E; Graham, DA

Published Date

  • January 1, 1975

Published In

Volume / Issue

  • 11 / 5

Start / End Page

  • 487 - 497

International Standard Serial Number (ISSN)

  • 0005-1098

Digital Object Identifier (DOI)

  • 10.1016/0005-1098(75)90024-2

Citation Source

  • Scopus