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Deterministic Chaos in Economics: An Occurrence in Axiomatic Utility Theory

In: Nonlinear and Multisectoral Macrodynamics

Author

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  • Paul A. Samuelson

Abstract

Edward N. Lorenz, MIT meteorologist, made a pivotal analytical breakthrough when he discovered in 1963 deterministic chaos (Lorenz, 1963). Previously scholars tended to regard stochastic and deterministic models as distinct categories, mutually exclusive. Now we know better.

Suggested Citation

  • Paul A. Samuelson, 1990. "Deterministic Chaos in Economics: An Occurrence in Axiomatic Utility Theory," Palgrave Macmillan Books, in: Kumaraswamy Velupillai (ed.), Nonlinear and Multisectoral Macrodynamics, chapter 5, pages 42-63, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10612-7_5
    DOI: 10.1007/978-1-349-10612-7_5
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