On Topological Chaos in the Robinson-Solow-Srinivasan Model
AbstractIn this paper, we offer an instance of (topologically) chaotic optimal behavior in a twosector model with irreversible investment, originally formulated by Robinson, Solow and Srinivasan. Our result follows from the theory of turbulence in non-linear dynamical systems, and relies only on the existence of a continuous optimal policy function. The fact that there is a unique optimal program from each initial stock when future utilities are discounted by a factor smaller than the labor-capital ratio may be of independent interest.
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Bibliographic InfoPaper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 04-18.
Date of creation: Dec 2004
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- Khan, M. Ali & Mitra, Tapan, 2005. "On topological chaos in the Robinson-Solow-Srinivasan model," Economics Letters, Elsevier, vol. 88(1), pages 127-133, July.
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D90 - Microeconomics - - Intertemporal Choice - - - General
- O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
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- Lionel W. McKenzie, 2005. "Classical General Equilibrium Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633302, December.
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"On choice of technique in the Robinson-Solow-Srinivasan model,"
Economics Working Papers (Ensaios Economicos da EPGE)
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- M. Ali Khan & Tapan Mitra, 2005. "On choice of technique in the Robinson-Solow-Srinivasan model," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(2), pages 83-110.
- Khan, M. Ali & Mitra, Tapan, 2004. "On Choice of Technique in the Robinson-Solow-Srinivasan Model," Working Papers 04-13, Cornell University, Center for Analytic Economics.
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