On the attractivity of a class of homogeneous dynamic economic systems

Weiye Li, Marek Rychlik, Ferenc Szidarovszky, Carl Chiarella

Research output: Contribution to journalArticle

5 Scopus citations

Abstract

The attractivity properties of the set of equilibria of a special class of homogeneous dynamic economic systems are examined. The nonlinearity of the models and the presence of eigenvalues with zero real parts make the application of the classical theory impossible. Some principles of the modern theory of dynamical systems and invariant manifolds are applied, and the local attractivity of the set of equilibria is verified under mild conditions. As an application, special labor-managed oligopolies are investigated.

Original languageEnglish (US)
Pages (from-to)1617-1636
Number of pages20
JournalNonlinear Analysis, Theory, Methods and Applications
Volume52
Issue number6
DOIs
StatePublished - Jun 1 2003

Keywords

  • Attractivity
  • Attractor
  • Invariant manifold
  • Labor-managed oligopoly
  • Stability

ASJC Scopus subject areas

  • Analysis
  • Applied Mathematics

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