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Economic Evolution and Equilibrium
Marco Lehmann-Waffenschmidt
€ 64.86
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Description for Economic Evolution and Equilibrium
Paperback. Uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, this book shows that equilibria can always be adapted in a piecewise gradual, non bang-bang way. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 280 pages, 75 black & white illustrations, biography. BIC Classification: KCA; KCZ. Category: (P) Professional & Vocational. Dimension: 234 x 156 x 15. Weight in Grams: 439.
theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to the common reproach that economic theory is predominantly concerned with the question of ‘how the economic system ought to behave’ rather than with the question of ‘how does it behave actually’. This is the point at which the new branch of evolutionary economics has made its entrance. In contrast to ... Read more
theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to the common reproach that economic theory is predominantly concerned with the question of ‘how the economic system ought to behave’ rather than with the question of ‘how does it behave actually’. This is the point at which the new branch of evolutionary economics has made its entrance. In contrast to ... Read more
Product Details
Format
Paperback
Publication date
2007
Publisher
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Germany
Number of pages
280
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
272
Place of Publication
Berlin, Germany
ISBN
9783540686620
SKU
V9783540686620
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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