STABILITY OF AN ECONOMIC SYSTEM USING ORDINARY AND RETARDED FUNCTIONAL DIFFERENTIAL EQUATIONS.

摘要

This thesis discusses the question of asymptotic behavior of solutions which start in the set of feasible allocations of an economic system governed by an ordinary differential equation mechanism. It also investigates the stability and instability of such limit points via-Liapunov theory. Moreover, since the utility functions which represent the preferences of the traders in a given economic system might depend on the past holdings, a more general mechanism is considered in the third chapter. The mechanism which governs the economic system is taken to be an autonomous retarded functional differential equation. The same abstract theorems on asymptotic behavior of solutions, on stability and on instability of limits points are derived.