Although the application of differential equations to economics is a vast and vibrant area, the subject has not been systematically studied; it is often treated as a subsidiary part of mathematical economics textbooks. This book aims to fill that void by providing a unique blend of the theory of differential equations and their exciting applications to dynamic economics. Containing not just a comprehensive introduction to the applications of the theory of linear (and linearised) differential equations to economic analysis, the book also studies non-linear dynamical systems, which have only been widely applied to economic analysis in recent years. It provides comprehensive coverage of the most important concepts and theorems in the theory of differential equations in a way that can be understood by any reader who has a basic knowledge of calculus and linear algebra. In addition to traditional applications of the theory to economic dynamics, the book includes many recent developments in different fields of economics.The conditions imply that demand equals supply and prices equal marginal wage costs. ... Example Tobin-Blanchard model.8 Let q{f) denote the market value of equities as a ratio of the replacement cost.9 Suppose aggregate expenditure, anbsp;...

Title | : | Differential Equations, Bifurcations, and Chaos in Economics |

Author | : | Wei-Bin Zhang |

Publisher | : | World Scientific - 2005-01-01 |

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