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Stability conditions for three-dimensional maps and their associated bifurcation types

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  • Marji Lines
  • Noemi Schmitt
  • Frank Westerhoff

Abstract

We present analytical tools that may be useful in studying the behaviour of dynamic economic models formulated in discrete time. In particular, we provide a simplified set of conditions for the stability of fixed points of three-dimensional maps, and the bifurcation types associated with them.

Suggested Citation

  • Marji Lines & Noemi Schmitt & Frank Westerhoff, 2020. "Stability conditions for three-dimensional maps and their associated bifurcation types," Applied Economics Letters, Taylor & Francis Journals, vol. 27(13), pages 1056-1060, June.
    • Handle: RePEc:taf:apeclt:v:27:y:2020:i:13:p:1056-1060
    DOI: 10.1080/13504851.2019.1659923
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    Cited by:

    1. Martin, Carolin & Schmitt, Noemi & Westerhoff, Frank, 2021. "Heterogeneous expectations, housing bubbles and tax policy," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 555-573.
    2. Mignot, Sarah & Westerhoff, Frank H., 2023. "Explaining the stylized facts of foreign exchange markets with a simple agent-based version of Paul de Grauwe's chaotic exchange rate model," BERG Working Paper Series 189, Bamberg University, Bamberg Economic Research Group.
    3. Sarah Mignot & Frank Westerhoff, 2023. "Revisiting Paul de Grauwe’s Chaotic Exchange Rate Model: New Analytical Insights and Agent-Based Explorations," Open Economies Review, Springer, vol. 34(1), pages 155-169, February.
    4. Dieci, Roberto & Mignot, Sarah & Westerhoff, Frank, 2022. "Production delays, technology choice and cyclical cobweb dynamics," Chaos, Solitons & Fractals, Elsevier, vol. 156(C).
    5. Sarah Mignot & Fabio Tramontana & Frank Westerhoff, 2021. "Speculative asset price dynamics and wealth taxes," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(2), pages 641-667, December.
    6. Noemi Schmitt & Frank Westerhoff, 2022. "Speculative housing markets and rent control: insights from nonlinear economic dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 141-163, January.
    7. Dieci, Roberto & Mignot, Sarah & Schmitt, Noemi & Westerhoff, Frank H., 2022. "Production delays, supply distortions and endogenous price dynamics," BERG Working Paper Series 182, Bamberg University, Bamberg Economic Research Group.

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