Multiple Equilibria, History Dependence, and Global Dynamics in Intertemporal Optimization Models
Multiple Equilibria, History Dependence, and Global Dynamics in Intertemporal Optimization Models
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跨期优化模型中的多重均衡、历史依赖性和全局动态
DOI：
10.1108/s1571-0386(2004)0000014007
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
F. Wirl
中科院分区：
文献类型：
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作者：
C. Deissenberg;G. Feichtinger;W. Semmler;F. Wirl
多重均衡和依赖历史的最优解是大量不同经济模型的重要特征。这些特征通常与市场不完善、预期现象等的存在有关。不太为人所知的是，它们也可以出现在有效的确定性跨期优化模型中。我们考察了在后一种类型的模型中产生多个最优均衡的不同机制，并讨论了分隔不同均衡的吸引盆地的阈值的性质。与现有的大多数文献一样，本章主要研究一维状态空间模型。然而，还给出了二维情形的一个推广。由于在许多重要情况下，阈值无法通过解析找到，因此我们提出了三种方法，允许对它们进行数值计算和分析。最后，我们粗略地回顾了具有多个均衡的有效动态经济模型。92 C.Deissenberg等人。
Multiple equilibria and history dependent optimal solutions are important features of a wealth of widely diverse economic models. These features are typically related to the presence of market imperfections, expectational phenomena, and the like. Less known is that they can also arise in efficient deterministic intertemporal optimization models. We examine different mechanisms that can generate multiple optimal equilibria in models of the latter type, and discuss the properties of the thresholds that separate the basins of attraction of the different equilibria. As most of the existing literature, the chapter focuses on one-dimensional state space models. However, an extension to the two-dimensional case is also presented. Since in many important instances the thresholds cannot be found analytically, we present three methods that allow to compute and analyze them numerically. Finally, we give a cursory review of efficient dynamic economic models with multiple equilibria. 92 C. Deissenberg et al.