Arbeitspapier
Stability, chaos and multiple attractors: A single agent makes a difference
This paper provides an example in which a slight behavioral heterogeneity may fundamentally change the qualitative properties of a nonlinear cobweb market with a quadratic cost function and an isoelastic demand function. We consider two types of producers; adaptive and naive. In a market of naive agents a single adaptive agent stabilizes the otherwise exploding market. In a market of adaptive agents a single naive agent may destabilize the market; without him there exists at most one periodic attractor in the market but with him there may appear many coexisting periodic attractors of arbitrarily large periods.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge ; No. 110
- Klassifikation
-
Wirtschaft
Firm Behavior: Theory
Business Fluctuations; Cycles
Optimization Techniques; Programming Models; Dynamic Analysis
- Thema
-
2-D Nonlinear cobweb model
Behavioral heterogeneity
Chaos
Homoclinic bifurcations
Coexisting periodic attractors
Cobweb
Erwartungstheorie
Chaostheorie
Theorie
Nichtlineare dynamische Systeme
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Onozaki, Tamotsu
Sieg, Gernot
Yokoo, Masanori
- Ereignis
-
Veröffentlichung
- (wer)
-
Georg-August-Universität Göttingen, Volkswirtschaftliches Seminar
- (wo)
-
Göttingen
- (wann)
-
2001
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Onozaki, Tamotsu
- Sieg, Gernot
- Yokoo, Masanori
- Georg-August-Universität Göttingen, Volkswirtschaftliches Seminar
Entstanden
- 2001
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