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The Iterative Nature of a Class of Economic Dynamics

Listed author(s):
  • Shilei Wang

    ()

    (Universita Ca’ Foscari Venezia, Department of Economics, Venice, Italy)

This work aims to demonstrate a rather specific “iterative nature” existing in a class of regular economic dynamics by revisiting two typical economic concepts as informative examples, viz., random utility and stochastic growth. We begin with a formal treatment of discrete dynamical system and its popular derivation, iterated function system, so that a solid foundation could be laid for our analysis of economic dynamics. Two economic systems afterwards are constructed to show how random utility function and stochastic growth in a classical economy could be essentially driven by some iterative elements. Besides, our analyses also implicitly show that a quite complex economic dynamics carrying substantial randomness could basically originate in some fairly simple dynamic principles.

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Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal Czech Economic Review.

Volume (Year): 9 (2015)
Issue (Month): 3 (December)
Pages: 155-168

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Handle: RePEc:fau:aucocz:au2015_155
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  1. Nicholas Kaldor, 1934. "A Classificatory Note on the Determinateness of Equilibrium," Review of Economic Studies, Oxford University Press, vol. 1(2), pages 122-136.
  2. Richard H. Day, 1983. "The Emergence of Chaos from Classical Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 98(2), pages 201-213.
  3. Richard H. Day, 1994. "Complex Economic Dynamics - Vol. 1: An Introduction to Dynamical Systems and Market Mechanisms," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262041413, July.
  4. Nishimura, Kazuo, 1985. "Competitive equilibrium cycles," Journal of Economic Theory, Elsevier, vol. 35(2), pages 284-306, August.
  5. Mitra, Tapan & Privileggi, Fabio, 2009. "On Lipschitz continuity of the iterated function system in a stochastic optimal growth model," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 185-198, January.
  6. Mordecai Ezekiel, 1938. "The Cobweb Theorem," The Quarterly Journal of Economics, Oxford University Press, vol. 52(2), pages 255-280.
  7. Manski, Charles F., 1975. "Maximum score estimation of the stochastic utility model of choice," Journal of Econometrics, Elsevier, vol. 3(3), pages 205-228, August.
  8. 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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