ECONOMIC APPLICATIONS OF DYNAMICAL SYSTEMS THEORY
ECONOMIC APPLICATIONS OF DYNAMICAL SYSTEMS THEORY

Summary/Abstract: In the present paper, I focus on computable economics and dynamic economic models. Schenk-Hoppé discusses the role of dynamical systems theory in economics, insisting on the potential impact and usefulness of the theory of random dynamical systems for economic modeling and economic analysis. Haddad and Chellaboina are more interested in the future behavior of the system as opposed to the past. A dynamical system defines a continuous flow in the state space. Zhang examines dynamic properties of some frequently-applied economic models, such as the competitive equilibrium model, the Walrasian-Marshallian adjustment process, the Tobin-Blanchard model, and the Ramsey model.

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