Multiple equilibria and chaos in a discrete tâtonnement process
AbstractThe purpose of this note is to demonstrate a sufficient condition for a discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases, the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 76 (2010)
Issue (Month): 3 (December)
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Multiple equilibria Tatonnement process Nonlinear dynamics Chaos;
Other versions of this item:
- Kaizoji, Taisei, 2010. "Multiple equilibria and chaos in a discrete tâtonnement process," MPRA Paper 24002, University Library of Munich, Germany.
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
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