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

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dc.contributor.authorBurmeister, Edwin
dc.contributor.authorCaton, Christopher
dc.contributor.authorDobell, Rod
dc.contributor.authorRoss, Stephen
dc.date.accessioned2015-07-21T21:22:42Z
dc.date.available2015-07-21T21:22:42Z
dc.date.copyright1973en_US
dc.date.issued1973-01
dc.descriptionAn 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.abstractThe 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.reviewstatusRevieweden_US
dc.description.scholarlevelFacultyen_US
dc.description.sponsorshipThe 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.identifier.citationBurmeister, E. et al. Econometrica, Vol. 41, No. 1 (Jan., 1973), pp. 79-95en_US
dc.identifier.urihttp://hdl.handle.net/1828/6354
dc.language.isoenen_US
dc.publisherThe Econometric Societyen_US
dc.rightsAttribution-NonCommercial-NoDerivs 2.5 Canada*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/2.5/ca/*
dc.subjectbutterfly theorem
dc.subjectdual stability
dc.subjectcomplex systems
dc.subjectoptimization
dc.subjectasset pricing
dc.subjectsaddlepoint property
dc.subjectheterogeneous capital good models
dc.subjectCentre for Global Studies
dc.subject.departmentSchool of Public Administration
dc.subject.departmentDepartment of English
dc.titleThe "Saddlepoint Property" and the Structure of Dynamic Heterogeneous Capital Good Modelsen_US
dc.typeArticleen_US

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