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Chaos, Economics, And Risk

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  • Weiss, Michael D.

Abstract

In recent years, research in both mathematics and the applied sciences has produced a revolution in the understanding of nonlinear dynamical systems. Used videly in economics and other disciplines to model change over time, these systems are now known to be vulnerable to a kind of "chaotic," unpredictable behavior. This paper places this revolution in historical context, explains several of the important mathematical ideas on vhich it is based, and discusses some of its implications for a probabilistic interpretation of longrun economic phenomena.

Suggested Citation

  • Weiss, Michael D., 1991. "Chaos, Economics, And Risk," 1991 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, March 17-20, 1991, San Antonio, Texas 271547, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
    • Handle: RePEc:ags:rrsr91:271547
    DOI: 10.22004/ag.econ.271547
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    Cited by:

    1. Weiss, Michael D., 1991. "Nonlinear and Chaotic Dynamics: An Economist's Guide," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 43(3), pages 1-16.

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