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Cantor Type Attractors in Stochastic Growth Models

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  • Mitra, Tapan

    ()

  • Privileggi, Fabio

    ()

Abstract

We study a one-sector stochastic optimal growth model where production is affected by a shock taking one of two values. Such exogenous shock may enter multiplicatively or additively. A result is presented which provides sufficient conditions to ensure that the attractor of the iterated function system (IFS) representing the optimal policy, is a generalized topological Cantor set. To indicate the role of the strict monotonicity condition on the IFS in this result, examples of attractors, which are not of the Cantor type, are constructed with iterated function systems, whose maps are contractions and satisfy a no overlap property.

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File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucapdv/privileggi48.pdf
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Bibliographic Info

Paper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 43.

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Length: 23 pages
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:uca:ucapdv:43

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References

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Citations

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Cited by:
  1. Guido Cozzi & Fabio Privileggi, 2007. "The Fractal Nature of Inequality in a Fast Growing World," Working Papers 2007_45, Business School - Economics, University of Glasgow.
  2. La Torre, Davide & Marsiglio, Simone & Privileggi, Fabio, 2011. "Fractals and Self-Similarity in Economics: the Case of a Stochastic Two-Sector Growth Model," POLIS Working Papers 157, Institute of Public Policy and Public Choice - POLIS.
  3. Guido Cozzi & Fabio Privileggi, 2009. "The fractal nature of inequality in a fast growing world: new version," Working Papers 2009_30, Business School - Economics, University of Glasgow.

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