Levy, Amnon; Caputo, Michael - School of Accounting, Economics, and Finance, … - 2007
other ostensibly anomalous steady state comparative statics results.
Keywords: Optimal control, local stability, steady … qualitative properties of the so-
lution to problem (1).
3. Necessary Conditions and Local Stability of the Steady State
We …-
tion (6) does indeed hold along the optimal soluti
In order to determine the local stability of the steady state and draw …