General Pattern Formation in Recursive Dynamical Systems Models in Economics

59 Pages Posted: 7 Aug 2009

See all articles by Anastasios Xepapadeas

Anastasios Xepapadeas

Athens University of Economics and Business; University of Bologna - School of Economics, Management, and Statistics

William A. Brock

University of Wisconsin, Madison - Department of Economics; University of Missouri at Columbia - Department of Economics

Date Written: August 4, 2009

Abstract

This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains. It includes optimal control, an analysis of local stability of spatially flat optimal steady states and development of techniques to compute spatially heterogeneous optimal steady states. The paper also develops a concept of rational expectations equilibrium, a local stability analysis for spatially homogeneous rational expectations steady states, and computational techniques for spatially heterogeneous rational expectations steady states.

Keywords: pattern formation, spatial spillovers, optimal control, spillover induced instability, growth models

JEL Classification: C61, O41

Suggested Citation

Xepapadeas, Anastasios and Brock, William A., General Pattern Formation in Recursive Dynamical Systems Models in Economics (August 4, 2009). FEEM Working Paper No. 49.2009, Available at SSRN: https://ssrn.com/abstract=1443921 or http://dx.doi.org/10.2139/ssrn.1443921

Anastasios Xepapadeas (Contact Author)

Athens University of Economics and Business ( email )

76 Patission Street
Athens, 104 34
Greece

University of Bologna - School of Economics, Management, and Statistics ( email )

Piazza Scaravilli 1
40126 Bologna, fc 47100
Italy

William A. Brock

University of Wisconsin, Madison - Department of Economics ( email )

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Madison, WI 53706
United States
608-263-6655 (Phone)
608-263-3876 (Fax)

University of Missouri at Columbia - Department of Economics ( email )

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Columbia, MO 65211
United States

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