This paper investigates a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and with individual money holdings in the set {0, 1, 2}. It is shown that three kinds of monetary steady state exist generically: (1) pure-strategy full-support steady states, (2)...

This paper deals with a two-dimensional discrete time competition model. The corresponding twodimensional iterative map is represented in terms of its bifurcation diagram in the parameter plane. A number of bifurcation sequences for attractors and their basins are studied.

Population games describe strategic interactions among large numbers of small, anonymous agents. Behavior in these games is typically modeled dynamically, with agents occasionally receiving opportunities to switch strategies, basing their choices on simple myopic rules called revision protocols....

This paper studies the short-run and long-run behavior of a competitive economy in which both the discount factor and technological change are endogenously determined. In particular, the effect of saving behavior on persistent economic growth is considered. The paper provides the sufficient...

Comparing the convergence of a Walrasian price adjustment process and that of a Marshallian quantity adjustment process in a multiple market setting, we show that both mechanisms are locally stable for any adjustment speeds if the demand system is characterised by a negative dominant diagonal.

Locust swarms hit subsistence-staple-crop-growing households at random and are not privately controllable. An aerial-spraying optimal control model that supports the said households’ liveli-hood at least expected cost is therefore developed. The qualitative properties of the model are analysed...

From a given directed weighted network of knowledge links between technology fields, the paper develops a multisector dynamic model of incremental innovation and R&D activity in these fields. The model is focused on the equilibrium share distribution of these variables, which is proved to be...

In this paper we review some Solow-type growth models, framed is discrete time, which are able to generate complex dynamic behaviour. For these models put forward by Day (1982, 1983); Böhm and Kaas (2000); and Commendatore (2005) we show that crucial features which could determine the emergence...

This paper provides a simplified version of the perfectly flexible wages OLG model proposed by Hahn and Solow (1995). Using a Cobb-Douglas specification for the utility and the production functions, we demonstrate that the local stability of the steady-state equilibrium depends only on...

Comparing the convergence of a Walrasian price adjustment process and that of a Marshallian quantity adjustment process in a multiple market setting, we show that both mechanisms are locally stable for any adjustment speeds if the demand system is characterised by a negative dominant diagonal.