Qualitative Properties of Infinite Horizon Optimal Control Problems with One State Variable and One Control Variable
TL;DRAbstract
Since the publication of Samuelson's Foundations of Economic Analysis (1947), economists have been aware of the importance of developing theories that are, at least in principle, refutable. As you may recall, refutable theories are those that lead to well-defined predictions about potentially observable variables in response to perturbations in parameters, as well as curvature properties, homogeneity restrictions, and reciprocity or symmetry results. Such empirically interesting models are the standard fare in the static theory of the consumer and firm, and via duality theory, these models have been subjected to numerous tests of their veracity.
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Since the publication of Samuelson's Foundations of Economic Analysis (1947), economists have been aware of the importance of developing theories that are, at least in principle, refutable. As you may recall, refutable theories are those that lead to well-defined predictions about potentially observable variables in response to perturbations in parameters, as well as curvature properties, homogeneity restrictions, and reciprocity or symmetry results. Such empirically interesting models are the standard fare in the static theory of the consumer and firm, and via duality theory, these models have been subjected to numerous tests of their veracity.
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