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  • 1
    Monograph available for loan
    Monograph available for loan
    Differential games in economics and management science (200)
    Cambridge [u.a.] : Cambridge Univ. Press
    Details Availability
    Call number: PIK M 490-05-0243
    Type of Medium: Monograph available for loan
    Pages: XII, 382 S. , graph. Darst.
    Edition: 1. Aufl
    ISBN: 0521631254 , 0-521-63732-5
    Location: A 18 - must be ordered
    Branch Library: PIK Library
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  • 2
    Electronic Resource
    Electronic Resource
    Ergodic chaos in optimal growth models with low discount rates (1994)
    Springer
    Economic theory 4 (1994), S. 705-717 
    Details
    ISSN: 1432-0479
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary We show that for every discount factorρε(0,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01212026
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  • 3
    Electronic Resource
    Electronic Resource
    On the structure of Ramsey equilibrium: Cycles, indeterminacy, and sunspots (1994)
    Springer
    Economic theory 4 (1994), S. 745-764 
    Details
    ISSN: 1432-0479
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary We consider a one-sector neoclassical capital accumulation model under borrowing constraints with infinitely-lived heterogeneous households. Under the standard assumptions of strictly concave and time-additive utility functionals and a strictly concave production function we show that perfect foresight equilibria can be non-unique, even locally non-unique (indeterminate), and periodic of arbitrary long periodp. Moreover, we prove that there can exist non-trivial rational expectations (sunspot) equilibria when the agent's expectations about future factor prices depend on extrinsic uncertainty.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01212028
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  • 4
    Electronic Resource
    Electronic Resource
    Markov-perfect Nash equilibria in a class of resource games (1998)
    Springer
    Economic theory 11 (1998), S. 79-100 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: C73 ; L13 ; Q20.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. A general model of non-cooperating agents exploiting a renewable resource is considered. Assuming that the resource is sufficiently productive we prove that there exists a continuum of Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to over-exploitation one can approximate the efficient solution by MPNE both in the state space and the payoff space. Furthermore, we derive a necessary and sufficient condition for maximal exploitation of the resource to qualify as a MPNE. This condition is satisfied if there are sufficiently many players, or if the players are sufficiently impatient, or if the capacity of each player is sufficiently high.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050179
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  • 5
    Electronic Resource
    Electronic Resource
    Markov-perfect Nash equilibria in a class of resource games (1997)
    Springer
    Economic theory 11 (1997), S. 79-100 
    Details
    ISSN: 1432-0479
    Keywords: JEL Classification Numbers: C73 ; L13 ; Q20.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary.  A general model of non-cooperating agents exploiting a renewable resource is considered. Assuming that the resource is sufficiently productive we prove that there exists a continuum of Markov-perfect Nash equilibria (MPNE). Although these equilibria lead to over-exploitation one can approximate the efficient solution by MPNE both in the state space and the payoff space. Furthermore, we derive a necessary and sufficient condition for maximal exploitation of the resource to qualify as a MPNE. This condition is satisfied if there are sufficiently many players, or if the players are sufficiently impatient, or if the capacity of each player is sufficiently high.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050179
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  • 6
    Electronic Resource
    Electronic Resource
    Income and wealth distribution in a simple model of growth (2000)
    Springer
    Economic theory 16 (2000), S. 23-42 
    Details
    ISSN: 1432-0479
    Keywords: Keywords and Phrases: Growth, Inequality, One-sector model, Elasticity of intertemporal substitution. ; JEL Classification Numbers: O41, D31.
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary. This paper studies a deterministic one-sector growth model with a constant returns to scale production function and endogenous labor supply. It is shown that the distribution of capital among the agents has an effect on the level of per-capita output. There exists a continuum of stationary equilibria with different levels of per-capita output. If the elasticity of intertemporal substitution is large, a higher output level can be achieved when income inequality is great, that is, when the income distribution is strongly dispersed. If the elasticity of intertemporal substitution is low, the reverse relation holds. The paper shows that countries with identical production technologies and identical preferences may have different GDP levels because wealth is distributed differently among their inhabitants.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001990050325
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  • 7
    Electronic Resource
    Electronic Resource
    Non-linear Dynamics in the Infinite Time Horizon Model (1999)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Journal of economic surveys 13 (1999), S. 0 
    Details
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Using results from the theory of non-linear dynamical systems, it has been shown that optimal growth theory can provide new explanations for business cycles and for international differences in growth and development. The present survey concentrates on this aspect of optimal growth theory, that is on the possibility of fluctuations and non-uniqueness in models of optimal capital accumulation. It is a selective survey on non-linear dynamics in infinite time horizon models of optimal growth.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-6419.00100
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  • 8
    Electronic Resource
    Electronic Resource
    Optimal Cycles and Chaos: A Survey (1996)
    Cambridge, Mass. : Berkeley Electronic Press (now: De Gruyter)
    Studies in nonlinear dynamics and econometrics 1.1996, 1, art3 
    Details
    ISSN: 1081-1826
    Source: Berkeley Electronic Press Academic Journals
    Topics: Mathematics , Economics
    Notes: This paper surveys the literature on cyclical and chaotic equilibrium paths in deterministic optimal growth models with infinitely lived agents. We focus on discrete time models but also briefly mention results for continuous time models. We start by reviewing those results that have been proved for optimal growth models in reduced form. Then we discuss results for two-sector optimal growth models in primitive form. Finally, we summarize a few results that have been obtained for other variants of the model, including models with recursive preferences and models with heterogeneous agents.
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/snde/vol1/iss1/art3
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  • 9
    Electronic Resource
    Electronic Resource
    Imperfect competition and capital accumulation: the role of price normalization (1996)
    Springer
    Journal of economics 63 (1996), S. 279-302 
    Details
    ISSN: 1617-7134
    Keywords: general equilibrium ; imperfect competition ; growth ; price normalization ; D43 ; D51 ; O41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We consider a capital-accumulation model with infinitely lived households and two production sectors. The intermediate-good sector is characterized by perfect competition, a constant-returns-to-scale technology, and production externalities. The final-good sector is a monopoly operating under constant returns to scale. We analyze the general equilibrium in the sense of Gabszewicz and Vial [Journal of Economic Theory (1972) 4: 381–400] for this economy and different price-normalization rules. It is shown that the qualitative behavior of the equilibrium paths depends crucially on the chosen normalization rule. In particular, whether equilibria are monotonic or oscillating and whether indeterminacy occurs or not may depend on the choice of the numeraire.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01227437
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  • 10
    Electronic Resource
    Electronic Resource
    Self-generated fertility waves in a non-linear continuous overlapping generations model (1989)
    Springer
    Journal of population economics 2 (1989), S. 267-280 
    Details
    ISSN: 1432-1475
    Source: Springer Online Journal Archives 1860-2000
    Topics: Sociology , Economics
    Notes: Abstract In this paper, Samuelson's simplified version of the Easterlin theory (Samuelson 1976) is extended to a continuous-time model with three age groups. This approach enables one to apply the qualitative theory of non-linear differential equations to show the existence of Easterlin-type cycles. In contrast to the discrete time model we obtain information about the period length of the cycle.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00171004
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