AbstractDebreu's theorem on excess demand functions is used to demonstrate the possibilities of ergodic and topological chaos in a discrete-time tatonnement process with only two goods. The result is in sharp contrast with the well-known result of Arrow and Hurwicz on system stability in a continuous time model of price adjustment with two commodities.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 2 (1992)
Issue (Month): 4 (October)
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