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The rise and fall of catastrophe theory applications in economics: Was the baby thrown out with the bathwater?

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  • Rosser Jr., J. Barkley

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Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 31 (2007)
Issue (Month): 10 (October)
Pages: 3255-3280

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Handle: RePEc:eee:dyncon:v:31:y:2007:i:10:p:3255-3280

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References

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  7. Gallegati, Mauro & Palestrini, Antonio & Rosser, J. Barkley, 2011. "The Period Of Financial Distress In Speculative Markets: Interacting Heterogeneous Agents And Financial Constraints," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 15(01), pages 60-79, February.
  8. Gerard Gennotte and Hayne Leland., 1989. "Market Liquidity, Hedging and Crashes," Research Program in Finance Working Papers, University of California at Berkeley RPF-192, University of California at Berkeley.
  9. Ho, Thomas S Y & Saunders, Anthony, 1980. " A Catastrophe Model of Bank Failure," Journal of Finance, American Finance Association, vol. 35(5), pages 1189-1207, December.
  10. Barkley Rosser, J. Jr., 1983. "Reswitching as a cusp catastrophe," Journal of Economic Theory, Elsevier, vol. 31(1), pages 182-193, October.
  11. Follmer, Hans, 1974. "Random economies with many interacting agents," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 51-62, March.
  12. Skiba, A K, 1978. "Optimal Growth with a Convex-Concave Production Function," Econometrica, Econometric Society, Econometric Society, vol. 46(3), pages 527-39, May.
  13. W. A. Brock, 1993. "Pathways to Randomness in the Economy: Emergent Nonlinearity and Chaos in Economics and Finance," Working Papers, Santa Fe Institute 93-02-006, Santa Fe Institute.
  14. J C Amson, 1975. "Catastrophe theory: a contribution to the study of urban systems?," Environment and Planning B: Planning and Design, Pion Ltd, London, Pion Ltd, London, vol. 2(2), pages 177-221, March.
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  16. Varian, Hal R, 1979. "Catastrophe Theory and the Business Cycle," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 17(1), pages 14-28, January.
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  18. De Grauwe, Paul & Grimaldi, Marianna, 2006. "Exchange rate puzzles: A tale of switching attractors," European Economic Review, Elsevier, vol. 50(1), pages 1-33, January.
  19. Balasko, Yves, 1978. "Economic Equilibrium and Catastrophe Theory: An Introduction," Econometrica, Econometric Society, Econometric Society, vol. 46(3), pages 557-69, May.
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  22. Paul R. Krugman, 1984. "The International Role of the Dollar: Theory and Prospect," NBER Chapters, in: Exchange Rate Theory and Practice, pages 261-278 National Bureau of Economic Research, Inc.
  23. Black, Fischer, 1986. " Noise," Journal of Finance, American Finance Association, vol. 41(3), pages 529-43, July.
  24. Bak, Per & Chen, Kan & Scheinkman, Jose & Woodford, Michael, 1993. "Aggregate fluctuations from independent sectoral shocks: self-organized criticality in a model of production and inventory dynamics," Ricerche Economiche, Elsevier, Elsevier, vol. 47(1), pages 3-30, March.
  25. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, McMaster University Archive for the History of Economic Thought, number marshall1890.
  26. LeBaron, Blake, 2006. "Agent-based Computational Finance," Handbook of Computational Economics, Elsevier, in: Leigh Tesfatsion & Kenneth L. Judd (ed.), Handbook of Computational Economics, edition 1, volume 2, chapter 24, pages 1187-1233 Elsevier.
  27. Magill, Michael J. P., 1977. "Some new results on the local stability of the process of capital accumulation," Journal of Economic Theory, Elsevier, vol. 15(1), pages 174-210, June.
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  29. Dechert, W.D. & O'Donnell, S.I., 2006. "The stochastic lake game: A numerical solution," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 30(9-10), pages 1569-1587.
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  31. Weidlich, Wolfgang & Braun, Martin, 1992. "The Master Equation Approach to Nonlinear Economics," Journal of Evolutionary Economics, Springer, vol. 2(3), pages 233-65, October.
  32. Wagener, F. O. O., 2003. "Skiba points and heteroclinic bifurcations, with applications to the shallow lake system," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 27(9), pages 1533-1561, July.
  33. Rosser, J Barkley, Jr, 2000. "Aspects of Dialectics and Non-linear Dynamics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 24(3), pages 311-24, May.
  34. J. Barkley Rosser, 1999. "On the Complexities of Complex Economic Dynamics," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 169-192, Fall.
  35. Dechert, W. Davis & Nishimura, Kazuo, 1983. "A complete characterization of optimal growth paths in an aggregated model with a non-concave production function," Journal of Economic Theory, Elsevier, vol. 31(2), pages 332-354, December.
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  37. T Puu, 1981. "Structural stability and change in geographical space," Environment and Planning A, Pion Ltd, London, vol. 13(8), pages 979-989, August.
  38. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, number bils84-1, January.
  39. Rand, David, 1976. "Thresholds in pareto sets," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 139-154, July.
  40. Brock, William A. & Hommes, Cars H., 1998. "Heterogeneous beliefs and routes to chaos in a simple asset pricing model," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 22(8-9), pages 1235-1274, August.
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  42. Albin, Peter S. & Hormozi, Farrokh Z., 1983. "Theoretical reconciliation of equilibrium and structural approaches," Mathematical Social Sciences, Elsevier, vol. 6(2), pages 261-284, November.
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Citations

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Cited by:
  1. Wagener, F.O.O., 2005. "Structural analysis of optimal investment for firms with non-concave revenue," Journal of Economic Behavior & Organization, Elsevier, vol. 57(4), pages 474-489, August.
  2. Rosser Jr., J. Barkley, 2010. "Is a transdisciplinary perspective on economic complexity possible?," Journal of Economic Behavior & Organization, Elsevier, vol. 75(1), pages 3-11, July.
  3. Xu, Yan & Hu, Bin & Wu, Jiang & Zhang, Jianhua, 2014. "Nonlinear analysis of the cooperation of strategic alliances through stochastic catastrophe theory," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 400(C), pages 100-108.
  4. Devine, James G., 2011. "The great moderation and "falling off a cliff": Neo-Kaldorian dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 366-373, May.
  5. J. Barkley Rosser, Jr, 2011. "Post Keynesian Perspectives And Complex Ecologic–Economic Dynamics," Metroeconomica, Wiley Blackwell, vol. 62(1), pages 96-121, 02.
  6. Barunik, J. & Vosvrda, M., 2009. "Can a stochastic cusp catastrophe model explain stock market crashes?," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 33(10), pages 1824-1836, October.
  7. Raoul Grasman & Han L.J. van der Maas & Eric-Jan Wagenmakers, . "Fitting the Cusp Catastrophe in R: A cusp Package Primer," Journal of Statistical Software, American Statistical Association, American Statistical Association, vol. 32(i08).
  8. VASILIS ANGELIS & Athanasios Angelis-Dimakis & Katerina Dimaki, 2012. "The Role Of Environment In A Region’S Sustainable Development As Described By A Butterfly Catastrophe," ERSA conference papers ersa12p1157, European Regional Science Association.
  9. Jozef Barunik & Jiri Kukacka, 2013. "Realizing stock market crashes: stochastic cusp catastrophe model of returns under the time-varying volatility," Papers 1302.7036, arXiv.org, revised May 2013.

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