In this chapter, we construct sunspot equilibria in a class of continuous-time optimal control models with externalities. The model possesses stochastic characteristics which arise from indeterminate equilibrium and cycles (Hopf cycles) closed to the steady state. The model undergoes to Hopf bifurcations in some parameters set. We construct a stationary sunspot equilibrium near the closed orbit. We show that the stochastic approach suggests a way out from the poverty environments trap in a natural resource optimal model.

Bifurcations and sunspots in continuous time optimal models with externalities

Pirisinu, Alessandro;Venturi, Beatrice
2018-01-01

Abstract

In this chapter, we construct sunspot equilibria in a class of continuous-time optimal control models with externalities. The model possesses stochastic characteristics which arise from indeterminate equilibrium and cycles (Hopf cycles) closed to the steady state. The model undergoes to Hopf bifurcations in some parameters set. We construct a stationary sunspot equilibrium near the closed orbit. We show that the stochastic approach suggests a way out from the poverty environments trap in a natural resource optimal model.
2018
9783319557076
Multiple steady states; sunspots; oscillating solutions
File in questo prodotto:
File Dimensione Formato  
springer 2018 venturi pirisinu.pdf

Solo gestori archivio

Tipologia: versione editoriale (VoR)
Dimensione 9 MB
Formato Adobe PDF
9 MB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11584/240855
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 0
  • ???jsp.display-item.citation.isi??? 1
social impact