Steady-state properties in a class of dynamic models |
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| Institution: | 1. Department of Agricultural Economics and Management, and the Center for Agricultural Economic Research, The Hebrew University of Jerusalem, POB 12, Rehovot 76100, Israel;2. Department of Solar Energy and Environmental Physics, The Jacob Blaustein Institutes for Desert Research, Ben Gurion University of the Negev, Sede Boker Campus 84990, Israel;1. Institute for Marine and Antarctic Studies, University of Tasmania, Private Bag 49, Hobart, Tasmania 7001, Australia;2. School of Economics and Finance, University of Tasmania, Private Bag 85, Hobart, Tasmania 7001, Australia |
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| Abstract: | We characterize the location, stability and approach-time of optimal steady states in single-state, infinite-horizon, autonomous models by means of a simple function of the state variable, defined in terms of the model's primitives. The method does not require the solution of the underlying dynamic optimization problem. Its application is illustrated in the context of a generic class of resource management problems. |
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| Keywords: | Infinite horizon Autonomous problems Optimal policy Steady-state Approach time |
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