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Nonlinear Dynamics And Economic Instability: The Optimal Management Of A Biological Population

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  • Chavas, Jean-Paul
  • Holt, Matthew T.

Abstract

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 “"chaos"”) can arise from fully rational economic decision making. High interest rate, adjustment costs, and an inelastic demand can contribute to market instability.

Suggested Citation

  • Chavas, Jean-Paul & Holt, Matthew T., 1995. "Nonlinear Dynamics And Economic Instability: The Optimal Management Of A Biological Population," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(02), December.
  • Handle: RePEc:ags:jlaare:30770
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    File URL: http://purl.umn.edu/30770
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    References listed on IDEAS

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    1. 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.
    2. Rulon D. Pope & Arne Hallam, 1986. "A Confusion of Agricultural Economists?—A Professional Interest Survey and Essay," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(3), pages 572-594.
    3. Nishimura, Kazuo, 1985. "Competitive equilibrium cycles," Journal of Economic Theory, Elsevier, vol. 35(2), pages 284-306, August.
    4. Boldrin, Michele & Montrucchio, Luigi, 1986. "On the indeterminacy of capital accumulation paths," Journal of Economic Theory, Elsevier, vol. 40(1), pages 26-39, October.
    5. Peter A. Streufert, 1990. "Stationary Recursive Utility and Dynamic Programming under the Assumption of Biconvergence," Review of Economic Studies, Oxford University Press, vol. 57(1), pages 79-97.
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    Cited by:

    1. Ben White, 2000. "A Review of the Economics of Biological Natural Resources," Journal of Agricultural Economics, Wiley Blackwell, vol. 51(3), pages 419-462.
    2. Hommes, Cars H. & Rosser,, J. Barkley, 2001. "Consistent Expectations Equilibria And Complex Dynamics In Renewable Resource Markets," Macroeconomic Dynamics, Cambridge University Press, vol. 5(02), pages 180-203, April.
    3. Chavas, Jean-Paul, 2000. "On information and market dynamics: The case of the U.S. beef market," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 833-853, June.

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    Keywords

    Environmental Economics and Policy;

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