Download or read book Economic Evolution and Equilibrium written by Marco Lehmann-Waffenschmidt and published by Springer Science & Business Media. This book was released on 2007-06-10 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work uses various model frameworks to study the evolution of equilibria in an open loop evolving economy in which the model characteristics evolve without any directional restrictions except for continuity. Applying mathematical methods, it is shown that equilibria can always be adapted in a piecewise gradual, non bang-bang way.