Multiple equilibria and chaos in a discrete tâtonnement process
AbstractThe purpose of this note is to demonstrate a sufficient condition for discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24002.
Date of creation: 15 Jul 2010
Date of revision:
Multiple equilibria; Tâtonnement process; Nonlinear dynamics; Chaos;
Other versions of this item:
- Kaizoji, Taisei, 2010. "Multiple equilibria and chaos in a discrete tâtonnement process," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 597-599, December.
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
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- DEBREU, Gérard, .
CORE Discussion Papers RP
-132, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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