A correspondence principle for cooperative differential equations
Publication in refereed journal

香港中文大學研究人員

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摘要This paper establishes a correspondence principle in a system of cooperative differential equations. Equilibria that are locally asymptotically stable must exhibit monotone comparative statics. In a wider context, all equilibria that exhibit monotone comparative statics are locally asymptotically stable. The orbits of such systems are nondecreasing in the parameter and the adjustment dynamics after a parameter change are monotone and convergent to a unique limit. Our results can be applied to such models as adaptive play in games with strategic complementarities, stochastic fictitious play in supermodular games, and the Matsuyama [6] model of global financial market liberalization with multiple capital goods. (C) 2013 Elsevier Inc. All rights reserved.
著者Kwong KS
期刊名稱Journal of Economic Theory
出版年份2014
月份3
日期1
卷號150
出版社Elsevier
頁次878 - 887
國際標準期刊號0022-0531
電子國際標準期刊號1095-7235
語言英式英語
關鍵詞Asymptotic stability; Correspondence principle; Differential equations; Monotone comparative statics
Web of Science 學科類別Business & Economics; Economics

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