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On Outward-Looking Comparison Utility, Heterogeneous Preferences & the Third Dimension: A Geometric Perspective

Author

Listed:
  • Jean-Paul Barinci

    (Université d’Evry Val d’Essonne)

  • Jean-Pierre Drugeon

    (Cnrs-Eurequa, Maison des Sciences Economiques)

Abstract

The difficulties associated with the appraisal of the determinacy properties of a three-dimensional system are circumvented by the introduction of a new geometrical argument. It first brings about a complete and easy-to-use typology of the eigenvalues moduli in discrete time three-dimensional dynamical systems and then provides a new apparatus for assessing from a geometrical standpoint the emergence of local bifurcations. The argument is first illustrated in an environment where outward-looking comparison utility may question the determinacy of the steady state and subsequently used within a competitive monetary equilibrium with heterogeneous agents and financial constraints.

Suggested Citation

  • Jean-Paul Barinci & Jean-Pierre Drugeon, 2005. "On Outward-Looking Comparison Utility, Heterogeneous Preferences & the Third Dimension: A Geometric Perspective," Documents de recherche 05-07, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    • Handle: RePEc:eve:wpaper:05-07
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    File URL: https://www.univ-evry.fr/fileadmin/mediatheque/ueve-institutionnel/03_Recherche/laboratoires/Epee/wp/05-07.pdf
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    Citations

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    Cited by:

    1. Amer Tabakovic, 2015. "On the Characterization of Steady-States in Three-Dimensional Discrete Dynamical Systems," DEM Discussion Paper Series 15-16, Department of Economics at the University of Luxembourg.

    More about this item

    Keywords

    Local indeterminacy; Three-Dimensional Dynamical Systems; Suboptimal Economies;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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