Nonlinear Dynamics And Economic Instability: The Optimal Management Of A Biological Population
Assuming a competitive market, conditions are determined for when a steady-state equilibrium does not exist in the optimal dynamic management of a biological population. Irregular and unpredictable behavior (called Â“"chaos"Â”) can arise from fully rational economic decision making. High interest rate, adjustment costs, and an inelastic demand can contribute to market instability.
Volume (Year): 20 (1995)
Issue (Month): 02 (December)
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- Michele Boldrin & Michael Woodford, 1988.
"Equilibruim Models Displaying Endogenous Fluctuations and Chaos: A Survey,"
UCLA Economics Working Papers
530, UCLA Department of Economics.
- Boldrin, Michele & Woodford, Michael, 1990. "Equilibrium models displaying endogenous fluctuations and chaos : A survey," Journal of Monetary Economics, Elsevier, vol. 25(2), pages 189-222, March.
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"Competitive equilibrium cycles,"
Journal of Economic Theory,
Elsevier, vol. 35(2), pages 284-306, August.
- Streufert, Peter A, 1990. "Stationary Recursive Utility and Dynamic Programming under the Assumption of Biconvergence," Review of Economic Studies, Wiley Blackwell, vol. 57(1), pages 79-97, January.
- Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
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