The Stability of Stochastic Systems: The Case of Persistence and Resilience
18 Pages Posted: 11 Jan 2000
Beginning with the ground breaking work of K. Arrow and L. Hurwicz, there now exists a sizeable literature in economics on the stability of economic systems. However, to the best of our knowledge, this literature in economics does not contain any analyses of the stability of stochastic ecological-economic systems that are jointly determined. As such, the goal of this article is to identify and mathematically describe two stability notions for such systems.
JEL Classification: Q00
Suggested Citation: Suggested Citation