On the Computation of the Hausdorff Dimension of the Walrasian Economy:Further Notes
AbstractABSTRACT: In a recent paper, Dominique (2009) argues that for a Walrasian economy with m consumers and n goods, the equilibrium set of prices becomes a fractal attractor due to continuous destructions and creations of excess demands. The paper also posits that the Hausdorff dimension of the attractor is d = ln (n) / ln (n-1) if there are n copies of sizes (1/(n-1)), but that assumption does not hold. This note revisits the problem, demonstrates that the Walrasian economy is indeed self-similar and recomputes the Hausdorff dimensions of both the attractor and that of a time series of a given market.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 16723.
Date of creation: 09 Aug 2009
Date of revision:
Fractal Attractors; Contractive Mappings; Self-similarity; Hausdorff Dimension of an Economy; Hausdorff Dimension of Economic Time Series;
Find related papers by JEL classification:
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
- A1 - General Economics and Teaching - - General Economics
- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-16 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dominique, C-Rene, 2009. "Could Markets' Equilibrium Sets Be Fractal Attractors?," MPRA Paper 13624, University Library of Munich, Germany.
- Herbert E. Scarf, 1959. "Some Examples of Global Instability of the Competitive Equilibrium," Cowles Foundation Discussion Papers 79, Cowles Foundation for Research in Economics, Yale University.
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