Chaos Models in Economics
AbstractThe 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.
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Bibliographic InfoPaper provided by arXiv.org in its series Papers with number 1001.3492.
Date of creation: Jan 2010
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Publication status: Published in Journal of Computing, Vol. 2, Issue 1, January 2010
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Web page: http://arxiv.org/
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-01-30 (All new papers)
- NEP-CMP-2010-01-30 (Computational Economics)
- NEP-HPE-2010-01-30 (History & Philosophy of Economics)
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