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Chaotic Tatonnement

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  • Bala, Venkatesh
  • Majumdar, Mukul
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    Abstract

    Debreu'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 Info

    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 2 (1992)
    Issue (Month): 4 (October)
    Pages: 437-45

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    Handle: RePEc:spr:joecth:v:2:y:1992:i:4:p:437-45

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    Web page: http://link.springer.de/link/service/journals/00199/index.htm

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    Cited by:
    1. Majumdar, Mukul, 2009. "Equilibrium and optimality: Some imprints of David Gale," Games and Economic Behavior, Elsevier, vol. 66(2), pages 607-626, July.
    2. He, Yijun & Barnett, William A., 2006. "Singularity bifurcations," Journal of Macroeconomics, Elsevier, vol. 28(1), pages 5-22, March.
    3. William A. Barnett & Yijun He, 2002. "Bifurcations in Macroeconomic Models," Macroeconomics 0210006, EconWPA.
    4. Laan, G. van der & Talman, A.J.J., 2002. "Dynamic adjustment of supply constrained disequilibria to Walrasian equilibria," Open Access publications from Tilburg University urn:nbn:nl:ui:12-89455, Tilburg University.
    5. Eric Kemp-Benedict, 2011. "Second-Order, Dissipative T\^atonnement: Economic Interpretation and 2-Point Limit Cycles," Papers 1108.0188, arXiv.org, revised Aug 2011.
    6. Bala, Venkatesh & Majumdar, Mukul & Mitra, Tapan, 1998. "A note on controlling a chaotic tatonnement," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 411-420, January.
    7. Richards, Diana & Hays, Jude C., 1998. "Navigating a nonlinear environment: An experimental study of decision making in a chaotic setting," Journal of Economic Behavior & Organization, Elsevier, vol. 35(3), pages 281-308, April.
    8. Tuinstra, Jan, 1997. "A price adjustment process with symmetry," Economics Letters, Elsevier, vol. 57(3), pages 297-303, December.

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