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The "Saddlepoint Property" and the Structure of Dynamic Heterogeneous Capital Good Models

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dc.contributor.author Burmeister, Edwin
dc.contributor.author Caton, Christopher
dc.contributor.author Dobell, Rod
dc.contributor.author Ross, Stephen
dc.date.accessioned 2015-07-21T21:22:42Z
dc.date.available 2015-07-21T21:22:42Z
dc.date.copyright 1973 en_US
dc.date.issued 1973-01
dc.identifier.citation Burmeister, E. et al. Econometrica, Vol. 41, No. 1 (Jan., 1973), pp. 79-95 en_US
dc.identifier.uri http://hdl.handle.net/1828/6354
dc.description An earlier version of this paper was presented at the Second World Congress of the Econometric Society, Cambridge, England, September 8-14, 1970. en_US
dc.description.abstract The topological properties of dynamic heterogeneous capital good models are examined, and it is found that the savings hypothesis crucially influences the dimension of the manifold consisting of the locus of backward solutions from stationary equilibrium. If not all capital gains are saved, the convergent manifold is generally of higher dimension than it is if no income from capital gains is spent on consumption. Accordingly, the characteristic equation for the associated linear system near stationary equilibrium may have more than half its roots with negative real parts, and thus in general the model does not possess a "regular saddlepoint property." en_US
dc.description.sponsorship The research of E. Burmeister and S. Ross was supported by the National Science Foundation, and that of A. R. Dobell by the Canada Council under a grant from the Izaak Walton Killan Memorial Fund. en_US
dc.language.iso en en_US
dc.publisher The Econometric Society en_US
dc.rights Attribution-NonCommercial-NoDerivs 2.5 Canada *
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/2.5/ca/ *
dc.subject butterfly theorem en_US
dc.subject dual stability en_US
dc.subject complex systems en_US
dc.subject optimization en_US
dc.subject asset pricing en_US
dc.subject saddlepoint property en_US
dc.subject heterogeneous capital good models en_US
dc.title The "Saddlepoint Property" and the Structure of Dynamic Heterogeneous Capital Good Models en_US
dc.type Article en_US
dc.description.scholarlevel Faculty en_US
dc.description.reviewstatus Reviewed en_US


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