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Chaos Models in Economics

Author

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  • Sorin Vlad
  • Paul Pascu
  • Nicolae Morariu

Abstract

The paper discusses the main ideas of the chaos theory and presents mainly the importance of the nonlinearities in the mathematical models. Chaos and order are apparently two opposite terms. The fact that in chaos can be found a certain precise symmetry (Feigenbaum numbers) is even more surprising. As an illustration of the ubiquity of chaos, three models among many other existing models that have chaotic features are presented here: the nonlinear feedback profit model, one model for the simulation of the exchange rate and one application of the chaos theory in the capital markets.

Suggested Citation

  • Sorin Vlad & Paul Pascu & Nicolae Morariu, 2010. "Chaos Models in Economics," Papers 1001.3492, arXiv.org.
    • Handle: RePEc:arx:papers:1001.3492
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    File URL: http://arxiv.org/pdf/1001.3492
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    Cited by:

    1. C. A. Tapia Cortez & J. Coulton & C. Sammut & S. Saydam, 2018. "Determining the chaotic behaviour of copper prices in the long-term using annual price data," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-13, December.
    2. Tapia Cortez, Carlos A. & Hitch, Michael & Sammut, Claude & Coulton, Jeff & Shishko, Robert & Saydam, Serkan, 2018. "Determining the embedding parameters governing long-term dynamics of copper prices," Chaos, Solitons & Fractals, Elsevier, vol. 111(C), pages 186-197.
    3. Margielewicz, Jerzy & Gąska, Damian & Litak, Grzegorz, 2019. "Evolution of the geometric structure of strange attractors of a quasi-zero stiffness vibration isolator," Chaos, Solitons & Fractals, Elsevier, vol. 118(C), pages 47-57.

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