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Observability of Chaotic Economic Dynamics in the Matsuyama Model

Author

Listed:
  • Makoto Yano

    (Institute of Economic Research, Kyoto University)

  • Kenji Sato

    (Graduate School of Economics, Kyoto University)

  • Yuichi Furukawa

    (School of Economics, Chukyo University)

Abstract

This study investigates the observability of chaotic economic dynamics in the Matsuyama model of endogenous growth with innovation and capital accumulation. We demonstrate that the Matsuyama system can be an ergodic chaos for a wide range of parameter values; as is well known, in an ergodic chaos, chaotic behavior is observable for almost every initial state while it is not in a topological chaos. This result extends the work of Mitra and Mukherji, who prove the possibility of a topological chaos and demonstrate the observability of a chaos by using bifurcation diagrams.

Suggested Citation

  • Makoto Yano & Kenji Sato & Yuichi Furukawa, 2010. "Observability of Chaotic Economic Dynamics in the Matsuyama Model," KIER Working Papers 699, Kyoto University, Institute of Economic Research.
  • Handle: RePEc:kyo:wpaper:699
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