Nonlinear Dynamics And Economic Instability: The Optimal Management Of A Biological Population
AbstractAssuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called Â“"chaos"Â”) can arise from fully rational economic decision making. High interest rate, adjustment costs, and an inelastic demand can contribute to market instability.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 20 (1995)
Issue (Month): 02 (December)
Environmental Economics and Policy;
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