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Ergodic Chaos in Optimal Growth Models with Low Discount Rates

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  • Nishimura, Kazuo
  • Sorger, Gerhard
  • Yano, Makoto

Abstract

We show that for every discount factor rho epsilon(O,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These reduced form models are interpreted in a two-sector optimal growth setting with utility functions depending on consumption as well as on capital.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 4 (1994)
Issue (Month): 5 (August)
Pages: 705-17

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Handle: RePEc:spr:joecth:v:4:y:1994:i:5:p:705-17

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Cited by:
  1. Cesar Guerrero-Luchtenberg, 1998. "- A Turnpike Theoreme For A Family Of Functions," Working Papers. Serie AD 1998-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Aditya Goenka & Lin Liu, 2012. "Infectious diseases and endogenous fluctuations," Economic Theory, Springer, vol. 50(1), pages 125-149, May.
  3. Gomes, Orlando, 2007. "Nonlinear dynamics in a model of financial development with a risk premium," MPRA Paper 2887, University Library of Munich, Germany.
  4. Katrin Erdlenbruch & Alain Jean-Marie & Michel Moreaux & Mabel Tidball, 2013. "Optimality of impulse harvesting policies," Economic Theory, Springer, vol. 52(2), pages 429-459, March.
  5. Gomes, Orlando, 2007. "Consumer confidence, endogenous growth and endogenous cycles," MPRA Paper 2883, University Library of Munich, Germany.
  6. Gomes, Orlando, 2007. "A two-dimensional non-equilibrium dynamic model," MPRA Paper 4817, University Library of Munich, Germany.
  7. Mitra, Tapan & Nishimura, Kazuo, 2001. "Discounting and Long-Run Behavior: Global Bifurcation Analysis of a Family of Dynamical Systems," Journal of Economic Theory, Elsevier, vol. 96(1-2), pages 256-293, January.
  8. Orlando Gomes, 2008. "Time Preference and Cyclical Endogenous Growth in an AK Growth Model," Notas Económicas, Faculdade de Economia, Universidade de Coimbra, issue 28, pages 32-55, December.
  9. Joshi, Sumit, 2003. "The stochastic turnpike property without uniformity in convex aggregate growth models," Journal of Economic Dynamics and Control, Elsevier, vol. 27(7), pages 1289-1315, May.
  10. César L. Guerrero-Luchtenberg, 2004. "Chaos vs. patience in a macroeconomic model of capital accumulation: New applications of a uniform neighborhood turnpike theorem," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 19(1), pages 45-60.
  11. 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.
  12. Kopel, M. & Dawid, H. & Feichtinger, G., 1998. "Periodic and chaotic programs of intertemporal optimization models with non-concave net benefit function," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 435-447, January.
  13. Montrucchio, Luigi & Sorger, Gerhard, 1996. "Topological entropy of policy functions in concave dynamic optimization models," Journal of Mathematical Economics, Elsevier, vol. 25(2), pages 181-194.
  14. Mitra, Tapan, 1998. "On the relationship between discounting and complicated behavior in dynamic optimization models," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 421-434, January.
  15. Orlando Gomes, 2006. "Local Bifurcations and Global Dynamics in a Solow-type Endogenous Business Cycles Model," Annals of Economics and Finance, Society for AEF, vol. 7(1), pages 91-127, May.
  16. Baierla, Gary & Nishimura, Kazuo & Yano, Makoto, 1998. "The role of capital depreciation in multi-sectoral models," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 467-479, January.
  17. Gomes, Orlando, 2007. "Time preference and cyclical endogenous growth," MPRA Paper 3282, University Library of Munich, Germany.
  18. Jean-Pierre Drugeon, 2013. "On the emergence of competitive equilibrium growth cycles," Economic Theory, Springer, vol. 52(1), pages 397-427, January.

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