Chaotic consumption patterns in a simple2-D addiction model

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Chaotic consumption patterns in a simple2-D addiction model

Author Info

Gustav Feichtinger (Institute for Econometrics, Operations Research and System Theory, University of Technology, A-1040 Vienna, AUSTRIA)
Cars Hommes (Department of Economic Statistics and Tinbergen Institute, University of Amsterdam, 1018 WB Amsterdam, THE NETHERLANDS)
Alexandra Milik (Institute for Econometrics, Operations Research and System Theory, University of Technology, A-1040 Vienna, AUSTRIA)

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Cars Hommes

Abstract

Consumption fluctuations in a simple 2-D addiction model are investigated. The behavioural equations of the model are suggested by a related `rational addiction' model of Becker and Murphy [2]. Our model generates erratic, seemingly unpredictable consumption patterns of the addicted persons. The occurence of chaos is proven by locating a so called horseshoe map in the phase space.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 10 (1997)
Issue (Month): 1 ()
Pages: 147-173
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Handle: RePEc:spr:joecth:v:10:y:1997:i:1:p:147-173

Note: Received: April 4, 1994; revised version March 25, 1996
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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General

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Gilles Dufrenot & Valerie Mignon, 2004. "Modeling the French Consumption Function Using SETAR Models," Economics Bulletin, Economics Bulletin, vol. 3(20), pages 1-16. [Downloadable!]

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