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Boom and bust in continuous time evolving economic model

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  • Lawrence Mitchell
  • G. J. Ackland

Abstract

We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again.

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  • Lawrence Mitchell & G. J. Ackland, 2008. "Boom and bust in continuous time evolving economic model," Papers 0801.3973, arXiv.org, revised May 2009.
    • Handle: RePEc:arx:papers:0801.3973
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    File URL: http://arxiv.org/pdf/0801.3973
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    Cited by:

    1. Argentiero, Amedeo & Bovi, Maurizio & Cerqueti, Roy, 2016. "Bayesian estimation and entropy for economic dynamic stochastic models: An exploration of overconsumption," Chaos, Solitons & Fractals, Elsevier, vol. 88(C), pages 143-157.

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