Observability of Chaotic Economic Dynamics in the Matsuyama Model
AbstractThis 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.
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Bibliographic InfoPaper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 699.
Date of creation: Mar 2010
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Postal: Yoshida-Honmachi, Sakyo-ku, Kyoto 606-8501
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