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Nonlinear and Chaotic Dynamics: An Economist's Guide

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  • Weiss, Michael D.

Abstract

In recent years, research in both mathematics and the applied sciences has produced a revolution in the understanding of nonlinear dynamical systems. Used widely in economics and other disciplines to model change over time, these systems are now known to be vulnerable to a kind of "chaotic" unpredictable behavior. This article places this revolution in historical context, discusses some of its implications for economic modeling, and explains many of the important mathematical ideas on which it is based.

Suggested Citation

  • Weiss, Michael D., 1991. "Nonlinear and Chaotic Dynamics: An Economist's Guide," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 43(3), pages 1-16.
    • Handle: RePEc:ags:uersja:138236
    DOI: 10.22004/ag.econ.138236
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    References listed on IDEAS

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    1. Weiss, Michael D., 1991. "Chaos, Economics, And Risk," 1991 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, March 17-20, 1991, San Antonio, Texas 271547, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
    2. Ramsey, James B & Sayers, Chera L & Rothman, Philip, 1990. "The Statistical Properties of Dimension Calculations Using Small Data Sets: Some Economic Applications," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 991-1020, November.
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