A simple example of complex dynamics
A discrete tatonnement process is analysed within the context of a two-person, two-good exchange economy where each person has a Cobb-Douglas utility function. This process is shown to exhibit period doubling bifurcation, topological and ergodic chaos.
Volume (Year): 14 (1999)
Issue (Month): 3 ()
|Note:||Received: June 22, 1998; revised version: July 15, 1998|
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|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/199/PS2|