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Nonlinear Dynamics and Chaos in Optimal Growth: An Example

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Author Info
Nishimura, Kazuo
Yano, Makoto
Abstract

This study demonstrates the possibility of ergodically chaotic optimal accumulation in the case in which future utilities are discounted arbitrarily weakly. For this purpose, the authors use a two-sector model with Leontief production functions and construct a condition under which the optimal transition function is unimodal and expansive. They demonstrate that the set of parameter values satisfying that condition is nonempty no matter how weakly the future utilities are discounted. Copyright 1995 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 63 (1995)
Issue (Month): 4 (July)
Pages: 981-1001
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Handle: RePEc:ecm:emetrp:v:63:y:1995:i:4:p:981-1001

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  1. Gomes, Orlando, 2007. "Time preference and cyclical endogenous growth," MPRA Paper 3282, University Library of Munich, Germany. [Downloadable!]
  2. Gomes, Orlando, 2007. "Stability analysis in a monetary model with a varying intertemporal elasticity of substitution," MPRA Paper 2890, University Library of Munich, Germany. [Downloadable!]
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  3. Orlando Gomes, 2008. "Time Preference and Cyclical Endogenous Growth in an AK Growth Model," Notas Económicas, Faculdade de Economia, Universidade de Coimbra, issue 28, pages 32-55, December. [Downloadable!]
  4. Gomes, Orlando, 2006. "Too much of a good thing: endogenous business cycles generated by bounded technological progress," MPRA Paper 2845, University Library of Munich, Germany. [Downloadable!]
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  5. Gomes, Orlando, 2007. "A two-dimensional non-equilibrium dynamic model," MPRA Paper 4817, University Library of Munich, Germany. [Downloadable!]
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  6. Goenka, Aditya & Poulsen, Odile, 2004. "Factor Intensity Reversal and Ergodic Chaos," Working Papers 04-13, University of Aarhus, Aarhus School of Business, Department of Economics. [Downloadable!]
  7. Gomes, Orlando, 2007. "Consumer confidence, endogenous growth and endogenous cycles," MPRA Paper 2883, University Library of Munich, Germany. [Downloadable!]
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