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Set Valued Dynamical Systems and Economic Flow

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Set Valued Dynamical Systems and Economic Flow Synopsis

The purpose of this monograph is to illuminate the central issues of dynamic analysis applied to economic models, using a generally accepted language of the study of dynamical systems at a level of sophistication likely to be understood by an economist versed in elementary topology. Whether an economic system is governed by a first order difference equation or several simultaneous multivalued partial differential equations, its solution is a flow that determines the state of the system given an initial condition and elapsed time. Thus the flow of a system is the central concept from which the theory here expounded develops. The explicit examples and applications herein are discrete time models, but the theoretical re- sults hold for continuous time models as well. The supplementary bibliography in- cludes several papers at the frontier of set-valued dynamics which may be viewed using the basic concepts defined in this text; all of these works involve demon- strating that (almost) all possible trajectories that a system may follow converge to some set of equilibria. The application of set valued dynamical analysis to economic models is pro~ vided to engender in the reader an appreciation for the relevance of these con- cepts to economic theory.

About This Edition

ISBN: 9783540088479
Publication date:
Author: L J Jr Cherene
Publisher: Springer an imprint of Springer Berlin Heidelberg
Format: Paperback
Pagination: 83 pages
Series: Lecture Notes in Economics and Mathematical Systems
Genres: Political economy
Sociology
Business and Management
Society and Social Sciences