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Controlling noisy, stable and chaotic, economics


Author Info

  • Ruedi Stoop

    (Institute of Neuroinformatics, University/ETH Zurich and Univ. of Applied Technical Sciences of Northwestern Switzerland, Olten)

  • Albert Kern

    (Institute of Neuroinformatics, University/ETH Zurich)

  • Clemens Wagner

    (Department of Pharmacology, University of Bern)

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    We investigate a simple nonlinear model of economics to which strong multiplicative noise is added, and find two distinct generic control regimes. In the regime of noisy behavior, the application of the control is able to reduce noise only if the underlying periodicity is correctly taken into account. In the chaotic regime, a shift of the optimal control point relative to the noise-free control point is observed, scaling linearly with the noise strength. The best control results emerge for unstable orbits of period-one, which suggests, that economic systems should preferably be controlled on these states.

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    Bibliographic Info

    Paper provided by Society for Computational Economics in its series Modeling, Computing, and Mastering Complexity 2003 with number 18.

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    Handle: RePEc:sce:cplx03:18

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    Related research

    Keywords: control; simple limiter; noise; chaos; nonlinear system;

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