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Multiple equilibria and chaos in a discrete tâtonnement process

  • Kaizoji, Taisei

The purpose of this note is to demonstrate a sufficient condition for discrete tâtonnement process to lead to chaos in a general equilibrium model with multiple commodities. The result indicates that as the speed of price adjustment increases the discrete tâtonnement process is complex in a general equilibrium economy in which there are multiple equilibria.

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File URL: http://mpra.ub.uni-muenchen.de/24002/1/MPRA_paper_24002.pdf
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File URL: http://mpra.ub.uni-muenchen.de/40795/3/MPRA_paper_40795.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24002.

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Date of creation: 15 Jul 2010
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Handle: RePEc:pra:mprapa:24002
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  1. Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical dynamics and economics," Journal of Economic Behavior & Organization, Elsevier, vol. 16(1-2), pages 37-83, July.
  2. V. Medvedev, 1992. "Economic Theory," Problems of Economic Transition, M.E. Sharpe, Inc., vol. 35(7), pages 55-73, November.
  3. Saari, Donald G, 1985. "Iterative Price Mechanisms," Econometrica, Econometric Society, vol. 53(5), pages 1117-31, September.
  4. Varian, Hal R, 1975. "A Third Remark on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 43(5-6), pages 985-86, Sept.-Nov.
  5. Tuinstra, Jan, 1997. "A price adjustment process with symmetry," Economics Letters, Elsevier, vol. 57(3), pages 297-303, December.
  6. Anjan Mukherji, 1999. "A simple example of complex dynamics," Economic Theory, Springer, vol. 14(3), pages 741-749.
  7. Tuinstra, Jan, 2000. "A discrete and symmetric price adjustment process on the simplex," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 881-907, June.
  8. Kaizouji, Taisei, 1994. "Multiple equilibria and chaotic tatonnement: Applications of the Yamaguti-Matano theorem," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 357-362, August.
  9. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September.
  10. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, vol. 40(4), pages 603-15, July.
  11. Day, Richard H. & Pianigiani, Giulio, 1991. "Statistical Dynamics and Economics," Working Paper Series 293, Research Institute of Industrial Economics.
  12. Goeree, Jacob K. & Hommes, Cars & Weddepohl, Claus, 1998. "Stability and complex dynamics in a discrete tatonnement model," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 395-410, January.
  13. Weddepohl, Claus, 1995. "A cautious price adjustment mechanism: Chaotic behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 27(2), pages 293-300, July.
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