[cid:image003.png@01D44F54.60C7EFF0] Public Lecture Larry Blume: The Problem with Poverty Traps: The Misleading Implications of Deterministic Intergenerational models Wann: 3.12.2019 15 Uhr-17 Uhr Wo: Institut für Höhere Studien, Salon Josefstädter Straße 39, 1080 Wien Models of poverty traps are dynamical systems with more than one attractor. Similar dynamical systems arise in optimal growth and macroeconomic models. These systems are often studied empirically by ad hoc methods relying on intuition from deterministic systems, such as looking for multiple peaks in the distribution of states. We show that in a stochastic model of poverty traps, multiple peaks may not exist, or may be very hard to detect and that some deterministic attractors are stochastically stable, while others are not. We examine the comparative statics of stochastically stable states and show how deterministic models give correct short-run descriptions of the model's dynamic behavior, but incorrect long-run descriptions. Larry Blume is Goldwin Smith Professor of Economics and Professor of Information Science at Cornell University, Visiting Research Professor at IHS and a member of the Institute's External Faculty. Um Anmeldung unter event@ihs.ac.at<mailto:event@ihs.ac.at> wird gebeten. Impressum<https://www.ihs.ac.at/services-for-ihs-members/impressum/> Institut für Höhere Studien - Institute for Advanced Studies (IHS) Josefstädter Straße 39, 1080 Vienna How to get to the IHS<https://www.ihs.ac.at/about/contact/how-to-get-to-the-ihs/> Tel: +43-1-59991-0 Fax: +43-1-59991-555 Email: office(at)ihs.ac.at<mailto:office@ihs.ac.at> Web: www.ihs.ac.at<http://www.ihs.ac.at/> ZVR-Zahl: 066207973 Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung: event@ihs.ac.at<mailto:event@ihs.ac.at>. und an noeg-l@wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.) Unsere Datenschutzerklärung finden Sie hier.<https://ihs.ac.at/de/datenschutzerklaerung> If you no longer wish to receive our mailings please send an e-mail to: event@ihs.ac.at<mailto:event@ihs.ac.at>. Also sent to noeg-l@wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l.) You can find our privacy policy here.<https://ihs.ac.at/privacy-policy>