Aperiodic Dynamics In The Bergstrom/Wymer Model Of The United Kingdom
Lyapunov exponents may be used to provide information on attractors of nonlinear models and, if strange, their aperiodic dynamics, in much the same way as eigenvalues of a linear model. An advantage of calculating these from an estimated model, rather than calculating the largest ones from a time series, is that economic theory is used to help distinguish between deterministic and stochastic behavior. Estimates of the Bergstrom/Wymer model of the United Kingdom, and of some other models of a similar form, were unstable in a classical sense, to some extent being caused by policy parameters. The Lyapunov exponents show that this model, and variants of it, have strange attractors in the neighborhood of the estimated parameter values and hence are stable but with aperiodic oscillations.
Volume (Year): 25 (2009)
Issue (Month): 04 (August)
|Contact details of provider:|| Postal: Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK|
Web page: http://journals.cambridge.org/jid_ECT
When requesting a correction, please mention this item's handle: RePEc:cup:etheor:v:25:y:2009:i:04:p:1099-1111_09. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.