Stability Analysis for Random Dynamical Systems in Economics
Random dynamical systems encountered in economics have certain distinctive characteristics that make them particularly well suited to analysis using the tools for studying Markov processes developed by Rabi N. Bhattacharya and his coauthors over the last few decades. In this essay we discuss the significance of these tools for both mathematicians and economists, provide some historical perspective and review some recent related contributions.
Research Institute for Economics and Business Administration,
Rokkodai-cho, Nada-ku, Kobe
Research School of Economics, Australian National University