Optimal Chaos, Nonlinearity and Feasibility Conditions
This study constructs a class of dynamic models in which optimal paths are generated by nonlinear transition functions similar to a tent map. We provide a sufficient condition under which such a transition function is a chaotic map. This characterization provides a way to construct complex nonlinear dynamics in a broad range of dynamic economic models.
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Volume (Year): 4 (1994)
Issue (Month): 5 (August)
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