Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups

Detalhes bibliográficos
Autor(a) principal: Brito, Paulo
Data de Publicação: 2010
Outros Autores: Costa, Luís F., Dixon, Huw
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2316
Resumo: We consider a Ramsey model with a continuum of Cournotian industries where free entry generates an endogenous markup. The model produces two different regimes, monopoly and oligopoly, resulting in non-smooth dynamics. We analyze the global dynamics of the model, demonstrating the model may exhibit heteroclinic orbits connecting multiple equi¬libria. Small transitory changes in parameters can lead to large permanent effects and there can be a Rostovian poverty trap separating a low-capital and high-markup equilibrium from a high-capital low-markup equilibrium. The paper applies recent results from applied math¬ematics for non-smooth dynamic systems.
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spelling Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markupsEndogenous MarkupsNon-Smooth DynamicsDiscontinuity Induced BifurcationsHeteroclinic OrbitsWe consider a Ramsey model with a continuum of Cournotian industries where free entry generates an endogenous markup. The model produces two different regimes, monopoly and oligopoly, resulting in non-smooth dynamics. We analyze the global dynamics of the model, demonstrating the model may exhibit heteroclinic orbits connecting multiple equi¬libria. Small transitory changes in parameters can lead to large permanent effects and there can be a Rostovian poverty trap separating a low-capital and high-markup equilibrium from a high-capital low-markup equilibrium. The paper applies recent results from applied math¬ematics for non-smooth dynamic systems.ISEG - Departamento de EconomiaRepositório da Universidade de LisboaBrito, PauloCosta, Luís F.Dixon, Huw2010-10-01T10:59:05Z20102010-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2316engBrito, Paulo, Luís F. Costa e Huw Dixon. 2010. "Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups". Instituto Superior de Economia e Gestão - DE Working papers nº 14-2010/DE/UECE0874-4548info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:32ZPortal AgregadorONG
dc.title.none.fl_str_mv Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
title Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
spellingShingle Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
Brito, Paulo
Endogenous Markups
Non-Smooth Dynamics
Discontinuity Induced Bifurcations
Heteroclinic Orbits
title_short Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
title_full Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
title_fullStr Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
title_full_unstemmed Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
title_sort Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups
author Brito, Paulo
author_facet Brito, Paulo
Costa, Luís F.
Dixon, Huw
author_role author
author2 Costa, Luís F.
Dixon, Huw
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Brito, Paulo
Costa, Luís F.
Dixon, Huw
dc.subject.por.fl_str_mv Endogenous Markups
Non-Smooth Dynamics
Discontinuity Induced Bifurcations
Heteroclinic Orbits
topic Endogenous Markups
Non-Smooth Dynamics
Discontinuity Induced Bifurcations
Heteroclinic Orbits
description We consider a Ramsey model with a continuum of Cournotian industries where free entry generates an endogenous markup. The model produces two different regimes, monopoly and oligopoly, resulting in non-smooth dynamics. We analyze the global dynamics of the model, demonstrating the model may exhibit heteroclinic orbits connecting multiple equi¬libria. Small transitory changes in parameters can lead to large permanent effects and there can be a Rostovian poverty trap separating a low-capital and high-markup equilibrium from a high-capital low-markup equilibrium. The paper applies recent results from applied math¬ematics for non-smooth dynamic systems.
publishDate 2010
dc.date.none.fl_str_mv 2010-10-01T10:59:05Z
2010
2010-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2316
url http://hdl.handle.net/10400.5/2316
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Brito, Paulo, Luís F. Costa e Huw Dixon. 2010. "Non-smooth dynamics and multiple equilibria in a Cournt-Ramsey model with endogenous markups". Instituto Superior de Economia e Gestão - DE Working papers nº 14-2010/DE/UECE
0874-4548
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - Departamento de Economia
publisher.none.fl_str_mv ISEG - Departamento de Economia
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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