The stability of stochastic systems: The case of persistence and resilience

Beginning with the seminal work of Arrow and Hurwicz [1], there now exists a vast literature in economics on the stability of economic systems. This notwithstanding, to the best of our knowledge, the economics literature does not contain any studies of the stability of jointly determined, stochastic ecological-economic systems. Consequently, the objective of this paper is to identify and mathematically characterize two stability concepts for such systems.