Economic Evolution and Equilibrium: Bridging the Gap

by Marco Lehmann-Waffenschmidt

This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.

280 pages, Paperback

First published May 7, 2007