1. What are the contributions mentioned in the paper "General pattern formation in recursive dynamical systems models in economics" ?
This paper presents a fairly general treatment of recursive infinite horizon forward looking optimizing systems on infinite dimensional spatial domains.. The paper also develops a concept of rational expectations equilibrium, a local stability analysis for spatially homogeneous rational expectations steady states, and computational techniques for spatially heterogeneous rational expectations steady states.
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2. What are the future works in "General pattern formation in recursive dynamical systems models in economics" ?
But it was rich enough to allow the illustration of the concept of dispersion relation which was extended to optimization for the second, third, and fourth examples.. What about future research ?. The authors think the top priority for future research is to extend the general forward looking infinite dimensional, infinite horizon optimization approach developed here to new economic geography ( NEG ) models, to structural change models, and to the general study of symmetry breaking in economics ( Matsuyama ( 2008a, b ) ).. The linearized MHDS system of ( 19 ) - ( 20 ) at the FOSS, can be written as: ∂x ∂t = H∗pxx+H ∗ pXKx+H ∗ ppp ( 124 ) ∂p ∂t = ( −H∗xx − 2H∗Xx ) x−H∗XXK2x+ ¡ ρ−H∗xp ¢ p−H∗XpKp ( 125 ) To study the stability of the FOSS to spatially heterogeneous perturbations, the authors consider trial solutions for the state and costate variables which can be expressed as convergent Fourier series.
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