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Robust Ergodic Chaos in Discounted Dynamic Optimization Models

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  • Majumdar, Mukul
  • Mitra, Tapan

Abstract

We identify a family of discounted dynamic optimization problems in which the immediate return function depends on current consumption, capital input and a taste parameter. The usual monotonicity and concavity assumptions on the return functions and the aggregative production function are verified. it is shown that the optimal transition functions are represented by the "quadratic family," well-studied in the literature on chaotic dynamical systems. Hence, Jakobson's theorem can be used to throw light on the issues of robustness of ergodic chaos and sensitive dependence on initial conditions.

Suggested Citation

  • Majumdar, Mukul & Mitra, Tapan, 1994. "Robust Ergodic Chaos in Discounted Dynamic Optimization Models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(5), pages 677-688, August.
  • Handle: RePEc:spr:joecth:v:4:y:1994:i:5:p:677-88
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    Cited by:

    1. Goenka, Aditya & Poulsen, Odile, 2004. "Factor Intensity Reversal and Ergodic Chaos," Working Papers 04-13, University of Aarhus, Aarhus School of Business, Department of Economics.

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