Electronic Resource
Cambridge, Mass.
:
Berkeley Electronic Press (now: De Gruyter)
Studies in nonlinear dynamics and econometrics
5.2001, 1, art3
ISSN:
1081-1826
Source:
Berkeley Electronic Press Academic Journals
Topics:
Mathematics
,
Economics
Notes:
This article proves that periodic trajectories are generically impossible in a class of continuous-time growth models that allow a locally indeterminate steady state. Those models reducible to the two-dimensional Lotka-Volterra system of equations constitute the class considered here. Knowledge of the presence or absence of the limit cycles allows a global phase diagram of the system to be constructed. In particular, an explosive steady state implies that all perfect-foresight trajectories diverge to infinity and that the model cannot be used even locally.
Type of Medium:
Electronic Resource
URL:
http://www.bepress.com/snde/vol5/iss1/art3
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