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A GENERAL FRAMEWORK FOR DYNAMIC
Some Numerical Examples
A Set Valued Flow
7 other sections not shown
_ FIGURE accumulation points agent analysis analyzed asymptotic optimality asymptotically ex post capita consumption capital accumulation capital/labor ratio compact set constraints convergence defined DEFINITION difference equation dynamic program E(qQ environment environmental equilibrium ex ante optimal ex ante Pareto ex post optimal ex post Pareto example exists Hausdorff metric implies infinite horizon invariant set Liapunov function lim x(t Malthusian maximizes metric monotonicity motion myopic necessary and sufficient Neoclassical region optimal trajectory optimum Pareto optimal period Pl,t population growth PROOF Proposition 6.5 Q(qQ qt,pt restricted semigroup sequence x(t set of optimal set of Pareto set valued dynamical set valued flows single valued systems solves space strong global attractor strongly asymptotically stable strongly invariant sufficient conditions SVSS T-tail theorem tion topology trajectory x(t triangle inequality utility function valued dynamical system valued economic vector weak topology weakly invariant welfare function y e B(q,p