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A simple example of complex dynamics

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  • Anjan Mukherji

    ()
    (Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi 110 067, INDIA)

Abstract

A discrete tatonnement process is analysed within the context of a two-person, two-good exchange economy where each person has a Cobb-Douglas utility function. This process is shown to exhibit period doubling bifurcation, topological and ergodic chaos.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 14 (1999)
Issue (Month): 3 ()
Pages: 741-749

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Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:741-749

Note: Received: June 22, 1998; revised version: July 15, 1998
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Related research

Keywords: Period-doubling bifurcation; Topological and ergodic chaos.;

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Cited by:
  1. Anjan Mukherji, 2003. "Competitive Equilibria: Convergence, Cycles or Chaos," ISER Discussion Paper 0591, Institute of Social and Economic Research, Osaka University.
  2. Kaizoji, Taisei, 2010. "Multiple equilibria and chaos in a discrete tâtonnement process," MPRA Paper 24002, University Library of Munich, Germany.
  3. Kitti, Mitri, 2010. "Convergence of iterative tâtonnement without price normalization," Journal of Economic Dynamics and Control, Elsevier, vol. 34(6), pages 1077-1091, June.
  4. Yokoo, Masanori & Ishida, Junichiro, 2008. "Misperception-driven chaos: Theory and policy implications," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 1732-1753, June.

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